A Supplemental Report on the Audit of the Permanent School Fund's Fiscal Year 2006 Financial Statements
May 2007
Report Number 07-032
Overall Conclusion
In April 2007, we issued A Report on the Audit of the Permanent School Fund's Fiscal Year 2006 Financial Statements (State Auditor's Office Report No. 07-029), which summarized the results of that audit.
During that audit, auditors also determined that the General Land Office (Office) does not produce reliable and timely investment performance reports regarding all of the discretionary real estate investments it oversees on behalf of the School Land Board (Board). As a result, the Board, the Office, the Legislature, and other interested parties cannot adequately evaluate the performance of all Permanent School Fund (Fund) investments overseen by the Board. Such information is routinely available for other major state investment funds. Accurate performance measurement and reporting, and the evaluation of that performance against stated expectations, is an important method that fiduciaries use to demonstrate their accountability for assets entrusted to them.
We previously reported a similar issue in An Audit Report on Controls over Permanent School Fund Real Estate and Collection of Oil and Gas Revenue at the General Land Office (State Auditor's Office Report No. 04-040, June 2004).
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