The Texas State Auditor’s Office has released their Report on the Audit of the Teacher Retirement System's Fiscal Year 2015 Employer Pension Liability Allocation Schedules.
The following is the overall conclusion of the report:
In our audit report dated July 29, 2016, we concluded that the Schedule of Employer's Proportionate Shares (Allocations) and the Schedule of Pension Amounts by Employer as of August 31, 2015, for the Teacher Retirement System (System) are presented fairly, in all material respects in accordance with accounting principles generally accepted in the United States of America. The System intends to post the schedules and our audit report on its Web site at http://www.trs.texas.gov/.
We also issued a report on internal control over financial reporting of the schedules and on compliance and other matters as required by auditing standards. Our procedures did not identify any material weaknesses in internal control over financial reporting of the schedules or any noncompliance with laws or regulations that materially affected the schedules. In addition, the major internal controls that we tested for the purpose of forming our opinions on the schedules were operating effectively.
Our procedures were not intended to provide an opinion on internal control over financial reporting of the schedules or to provide an opinion on compliance with laws and regulations. Accordingly, we do not express an opinion on the effectiveness of the System's internal control over financial reporting of the schedules or on compliance with laws and regulations.
Auditors communicated certain issues that were not material or significant to the audit objectives in writing to the System's management.
As required by auditing standards, we will also communicate to the System's Board of Trustees certain matters related to the conduct of this audit.