Department of Commerce financial-compliance audit for the two fiscal years ended June 30 .. PDF
Preview Department of Commerce financial-compliance audit for the two fiscal years ended June 30 ..
5 354.73 L72DCO 1997 g"--"i L—egislative Audit Division State of Montana Report to the Legislature Financial-CompUaiice Audit February 1998 For the Two Fiscal Years Ended June 30, 1997 Commerce Department of This report contains five recommendations for improving the department's operations and compliance with state law. These recommendations relate to: Professional and occupational licensing fees. » Employee Ownership Opportunity Act. * Consumer loan audits and timeliness ofreporting bank examination results. • Compliance with professional and occupational licensing requirements. • Recording exotic wagering activity. "STATE DOCUMENTS COLLCCTi ?. (.«•=; ti -it^'' ji MONTANA STATE LIPRARV Direct comments/inquiries to: 1515 C- 6th AVE. Legislative Audit Division HELENA, MONTANA 59620 Room 135, State Capitol PO Box 201705 MT 97-15 Helena 59620-1705 MONTANASTATE LIBRARY 3 0864 0010 3954 7 FINANCIAL-COMPLIANCE AUDITS Financial-compliance audits are conducted by the Legislative Audit Division to determine ifan agency's financial operations are properly conducted, the financial reports are presented fairly, and the agency has complied with applicable laws and regulations. In performing the audit work, the audit staffuses standards set forth by the American Institute ofCertified Public Accountants and the United States General Accounting Office. Financial-compliance audit staff members hold degrees with an emphasis in accounting. Most staffmembers hold Certified Public Accountant (CPA) certificates. 0MB Govenmient Auditing Standards, the Single Audit Act of 1984 and Circular A-128 require the auditor to issue certain financial, internal control, and compliance reports. This individual agency audit report is not intended to comply with these reporting requirements and is therefore not intended for distribution to federal grantor agencies. The Legislative Audit Division issues a statewide bieimial Single Audit Repon which complies with the above reporting requirements. The Single Audit Report for the two fiscal years ended June 30, 1997 has been issued. Copies ofthe Single Audit Report can be obtained by contacting: Single Audit Coordinator Legislative Audit Division Office ofBudget and Program Planning Room 135, State Capitol State Capitol PO Box 201705 Helena MT 59620 Helena MT 59620-1705 Phone (406) 444-3616 MEMBERS OF THE LEGISLATIVE AUDIT COMMIl ItE Legislative Audit Division Financial-Compliance Audit For the Two Fiscal Years Ended June 30, 1997 Department of Commerce Members ofthe audit staffinvolved in this audit were Chris Darragh, Geri Hoffman, Jim Manning, Vickie Rauser, and Susan McEachern. Digitized by the Internet Archive in 2010 with funding from IVIontana State Library http://www.archive.org/details/departmentofcomm1997mont LEGISLATIVE AUDIT DIVISION ScottA. Seacat, LegislativeAuditor Deputy LegislativeAuditors: John W. Northey, Legal Counsel Jim Pellegrini, PerformanceAudit Tori Hunthausen, IT& Operations Manager James Gillett, Financial-ComplianceAudit February 1998 The Legislative Audit Committee ofthe Montana State Legislature: This is our financial-compliance audit report on the Department ofCommerce's financial activity for fiscal years 1995-96 and 1996-97. The report contains five recommendations where the depanment could improve operations and compliance with state laws. The depanment's written response to the audit recommendations is included in the back ofthe audit repon. We thank the director and the department stafffor their cooperation and assistance throughout the audit. Respectfully submitted, Scott A.'beaca Legislative Auditor Room 135, StateCapitol Building POBox 201705 Helena, MT59620-1705 Phone(406)444-3122 FAX (406) 444-9784 E-Mail lad(2)mt,gov 1 Table of Contents List ofTables ii Appointed and Administrative Officials iii Report Summary v Introduction Introduction 1 Background 2 Prior Audit Prior Audit Recommendations 5 Recommendations Findings and Professional and Occupational Licensing Fees Recommendations Commensurate with Costs 7 Employee Ownership Opportunity Act 9 Bank Examination Reports and Consumer Loan Audits 10 Compliance with Board Laws 11 Improving Accounting for Exotic Wagering 12 Independent Auditor's Schedule ofChanges in Fund Balances & Property Held Report and Department In Trust for the Fiscal Year Ended June 30, 1997 A-5 Financial Schedules Schedule ofChanges in Fund Balances & Property Held In Trust for the Fiscal Year Ended June 30, 1996 A-7 & Schedule ofTotal Revenues Transfers-In for the Fiscal Year Ended June 30, 1997 A-9 & Schedule ofTotal Revenues Transfers-In for the Fiscal Year Ended June 30, 1996 A-1 & Schedule ofTotal Expenditures Transfers-Out for the Fiscal Year Ended June 30, 1997 A-13 & Schedule ofTotal Expenditures Transfers-Out for the Fiscal Year Ended June 30, 1996 A-15 Notes to the Financial Schedules A-17 Department Response Department ofCommerce B-3 Page i List of Tables Table 1 Schedule ofProfessional Licensing Boards' Financial Activity . . 8 Page ii Appointed and Administrative Officials Department of Commerce Peter Blouke, Ph.D., Director Andy Poole, Deputy Director, Management Services Division, Economic Development Division Aimie Bartos, ChiefLegal Counsel Don Hutchinson, Administrator, Division ofBanking and Financial Institutions Newell Anderson, Administrator, Local Goverimient Assistance Division Carroll South, Executive Director, Investment Division Jerry Hoover, Executive Director, Montana Health Facility Authority Maureen Rude, Administrator, Housing Division Gerald LaChere, Director, Montana State Lottery Jim Brown, Administrator, Building Codes Division Steve Meloy, Administrator, Professional and Occupational Licensing Division Matthew Cohn, Director, Montana Promotion Division Sam Murfitt, Executive Secretary, Board ofHorse Racing Jack Kane, Bureau Chief, Weights and Measure Bureau Page iii Page iv
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