A Report on the Audit of the Permanent School Fund's Fiscal Year 2005 Financial Statements
February 2006
Report Number 06-023
Overall Conclusion
In our audit report dated January 20, 2006, we concluded that the Permanent School Fund's (Fund) basic financial statements for fiscal year 2005 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.
Our procedures did not identify any material weaknesses in internal control over financial reporting or any noncompliance with laws or regulations that materially affected the financial statements; however, we identified a weakness in internal control over financial reporting that we determined to be a reportable condition. Specifically, the General Land Office (GLO) should ensure that better information about income earned from mineral sales is provided to its Financial Reporting Division in time to prepare more accurate financial statements. GLO management agreed with our recommendations.
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