Audit Report

North Dakota State Auditor North Dakota Lottery Bismarck, North Dakota Audit Report for the Year Ended June 30, 2005 Client Code 125.1 Robert R. Peterson State Auditor Office of the State Auditor Division of State Audit LEGISLATIVE AUDIT AND FISCAL REVIEW COMMITTEE MEMBERS Representative Francis J. Wald – Chairman Senator Bill L. Bowman – Vice Chairman Representatives Ole Aarsvold Merle Boucher Jeff Delzer RaeAnn G. Kelsch Andrew G. Maragos David Monson Chet Pollert Earl Rennerfeldt Bob Skarphol Blair Thoreson Mike Timm Senators Randy Christmann Jerry Klein Judy Lee Tim Mathern You may obtain reports by contacting the Division of State Audit at the following address: Office of the State Auditor 600 East Boulevard Avenue – Department 117 Bismarck, ND 58505-0060 (701) 328-2241 Reports are also available on the internet at: www.ND.gov/auditor/ Contents INDEPENDENT AUDITOR’S REPORT 1 MANAGEMENT’S DISCUSSION AND ANALYSIS 3 Statement of Net Assets 8 Statement of Revenues, Expenses and Changes in Net Assets 9 Statement of Cash Flows 10 Notes to the Financial Statements 11 REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 20 SPECIAL COMMENTS REQUESTED BY THE LEGISLATIVE AUDIT AND FISCAL REVIEW COMMITTEE ...