Fiscal Year 2010 IHL System A-133 Audit Report - Mississippi Board ...

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KPMG LLPSuite 1100One Jackson Place188 East Capitol StreetJackson, MS 39201-2127Independent Auditors’ ReportBoard of TrusteesState of Mississippi Institutions of Higher Learning:We have audited the accompanying financial statements of the business-type activities and the aggregatediscretely presented component units of the State of Mississippi Institutions of Higher Learning (the IHLSystem), a component unit of the State of Mississippi, as of and for the year ended June 30, 2010, whichcollectively comprise the IHL System’s basic financial statements as listed in the table of contents. Thesefinancial statements are the responsibility of the IHL System’s management. Our responsibility is toexpress opinions on these financial statements based on our audit. We did not audit the financial statementsof the University of Mississippi Medical Center Educational Building Corporation, the University ofMississippi Educational Building Corporation, the University of Mississippi Medical Center Tort ClaimsFund, the State Institutions of Higher Learning Self-Insured Workers’ Compensation Fund, and the StateInstitutions of Higher Learning Tort Liability Fund.Those financial statements, which reflect approximately 8.9% and 1.8% of the assets and revenues,respectively, of the IHL System’s business-type activities as of and for the year ended June 30, 2010, wereaudited by other auditors whose reports thereon have been furnished to us, and our opinion, insofar as itrelates to the amounts included for the above mentioned entities, is based solely on the reports of the otherauditors.The accompanying financial statements of the IHL System as of June 30, 2009, were audited by otherauditors whose report thereon dated December 15, 2009, expressed unqualified opinions on thosestatements, and included an explanatory paragraph that referred to the reports of other auditors for certaincomponent units and funds.We conducted our audit in accordance with auditing standards generally accepted in the United States ofAmerica and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and performthe audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. The financial statements of the Mississippi State University Foundation, Inc., the Universityof Mississippi Foundation, the University of Southern Mississippi Foundation, the University ofMississippi Medical Center Educational Building Corporation, the University of Mississippi EducationalBuilding Corporation, the University of Mississippi Medical Center Tort Claims Fund, the StateInstitutions of Higher Learning Self-Insured Workers’ Compensation Fund, and the State Institutions ofHigher Learning Tort Liability Fund were not audited in accordance with Government Auditing Standards.An audit includes consideration of internal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion onthe effectiveness of the IHL System’s internal control over financial reporting. Accordingly, we express nosuch opinion. An audit also includes examining, on a test basis, evidence supporting the amounts anddisclosures in the financial statements, assessing the accounting principles used and significant estimatesmade by management, as well as evaluating the overall financial statement presentation. We believe thatour audit and the reports of the other auditors provide a reasonable basis for our opinions.KPMG LLP is a Delaware limited liability partnership,the U.S. member firm of KPMG International Cooperative(“KPMG International”), a Swiss entity.
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Page 7 and 8: MANAGEMENT’S DISCUSSION AND ANALY
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STATE OF MISSISSIPPI INSTITUTIONS O
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COMBINING SUPPLEMENTAL INFORMATION
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REPORT ON INTERNAL CONTROL AND COMP
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KPMG LLPSuite 1100One Jackson Place
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Compliance and Other MattersAs part
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REPORT ON COMPLIANCEIN ACCORDANCE W
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KPMG LLPSuite 1100One Jackson Place
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The IHL System’s responses to the
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SCHEDULE OF EXPENDITURES OF FEDERAL
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SCHEDULE OF FINDINGS AND QUESTIONED
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FY 2009 MIHL Remediated CommentsJun
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Jackson State UniversityReference N
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