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Report of the Comptroller, 1997-98
Volume 197, Page 25   View pdf image (33K)
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ARTHUR ANDERSEN LLP
November 7,1998
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
The Honorable Robert L. Swann,
Comptroller of the Treasury of Maryland:
We have audited the accompanying general purpose financial statements of the State of Maryland as of June
30, 1998, and for the year then ended, as listed in the table of contents. These general purpose financial statements
are the responsibility of the State of Maryland's management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit. We did not audit the financial statements of (1) Maryland
State Lottery Agency; (2) Maryland Water Quality Financing Administration; (3) State Use Industries; (4) State
Retirement and Pension System of Maryland; (5) Maryland Local Government Investment Pool; (6) Maryland
Stadium Authority; (7) Maryland Food Center Authority; and the (8) Maryland Environmental Service, which
represent the percentages of the total assets, operating revenues or additions, and expenditures, expenses or
deductions of the fund types listed below.
Percentage of Total Fund Type

Agency
Enterprise Fund
— One Loan Program
— Maryland State Lottery Agency
— State Use Industries
Total Assets
22.4%
Operating
Revenues or
Additions
81.6%
Expenditures
Expenses
or Deductions
75.0%

Pension Trust Fund
— State Retirement and Pension System of Maryland
99.8
99.5
99.1

Agency Fund
— Maryland Local Government Investment Pool
37.3
N/A
N/A

Component Unit Propriety Fund
— Maryland Stadium Authority
— Maryland Food Center Authority
— Maryland Environmental Service
95.1
99.8
98.6

Those financial statements were audited by other auditors whose reports thereon have been furnished to us,
and our opinion, insofar as it relates to the amounts included for the above mentioned agencies and component
units, is based solely on the reports of other auditors.
Except as discussed in the following paragraph, we conducted our audit in accordance with generally accepted
auditing standards and the standards for financial audits contained in Government Auditing Standards (1994
Revision), issued by the Comptroller General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free
of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall general purpose financial
25

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Report of the Comptroller, 1997-98
Volume 197, Page 25   View pdf image (33K)
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