A Report on the Audit of the Office of the Fire Fighters' Pension Commissioner's Fiscal Year 2007 Financial Statements
January 2008
Report Number 08-019
Overall Conclusion
In our audit report dated December 18, 2007, we concluded that the Office of the Fire Fighters' Pension Commissioner's (Office) basic financial statements for fiscal year 2007 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. Our procedures were not intended to provide an opinion on internal control over financial reporting or to provide an opinion on other laws and regulations. Our procedures did not identify any instances of noncompliance that materially affected the financial statements.
However, we identified deficiencies related primarily to controls over cash and investment reconciliations that, when combined, represent a significant weakness in internal control over financial statement reporting. On September 1, 2007, the Legislature appropriated to the Office $8.8 million for the present value of its unfunded actuarial accrued liability, thus increasing the amount of investment funds over which the Office has stewardship. These investments provide the basis for all future benefit payments. Should the deficiencies identified in this report not be corrected, they may become a material weakness in internal control as these investments grow.
Contact the SAO about this report.
Download the Acrobat version of this report. (.pdf)
If you prefer an HTML version, follow this link to an Adobe site which converts PDF files to HTML.