The State Auditor’s Office has given the Iowa Lottery another clean report. In its announcement, the Auditor’s Office notes that the financial statements of the lottery for FY 2016 “present fairly, in all material respects, the financial position of the Iowa Lottery Authority as of June 30, 2016, and the changes in its financial position and its cash flows for the year then ended in accordance with U.S. generally accepted accounting principles.”
Why is that a big deal? In everyday language, it means that an outside auditor reviewed the financial operations of the Iowa Lottery and gave us a clean bill of health. We keep transparency and integrity at the heart of our operations, and look at the auditor's report each year as a check of how we're doing.
Under state law, the Auditor reviews the Lottery’s operations annually. That review is in addition to the security and integrity standards the Lottery uses throughout its operations to ensure the veracity of its games.