State Sen. Dee Brown was highly critical of a state audit released last week that found more than 125 errors.

“In my 14 years on the audit committee this is the first time the financials for Montana shouts of incompetency within the department. It is especially worrisome when so much money is at stake,” Brown, a Republican from Hungry Horse said in a letter to the newspaper.

She said the audit found multiple errors — transportation expenses were overstated by about $220 million, capital grants and contributions for natural resources understated by $445 million and transfers of about $47.8 million which were omitted entirely.

The worst, she said, was overstatement of approximately $1 billion of accumulated depreciation related to infrastructure

The errors have since been fixed, but Brown said she’s worried about the state’s credit rating, which is AA-plus, being impacted.

The bond rating is used to set rates when the state borrows money. The lower the rating, the higher the interest the state would have to pay on future loans, which could cost taxpayers money, she said.

But state budget director Dan Villa said the mistakes were on paper and the actual funds are in the proper accounts.

“This is a paperwork issue,” he said. “Not a fiscal issue.

He said Montana is on solid fiscal ground.

“Montana is the most fiscally responsible state in the nation,” he said. “This audit doesn’t change that.”

The state now has a new accountant in place, he said, one that worked in the office from 2009-2013. Villa said he couldn’t comment on whether the previous accountant who worked on the state’s books was fired.

“There was some sloppy accounting,” he said. “We admit that.”

But Villa also said he has spoken to the bond companies that establish the state’s credit rating and there is no indication the state’s credit rating will change.

“Conjecture isn’t helpful to anyone,” he said.