According to a recent State Audit Report on the Financial Processes at the Pension Review Board (PRB), in fiscal year 2015, PRB had significant weaknesses in succession planning, cross-training, and policies and procedures that put its financial operations at risk. Specifically, when the PRB’s only accountant left employment in May 2015, they had neither the staff nor the policies and procedures necessary to enable it to continue processing its payroll and non-payroll expenditures without assistance. However, it is important to note that the payroll expenditures that auditors tested at the Agency complied with state statutes and rules. In fiscal year 2015, payroll represented 91 percent of the Agency’s total expenditures. Further details on the report: http://www.sao.texas.gov/SAOReports/ReportNumber?id=16-038