A Report on the Audit of the Teacher Retirement System’s Fiscal Year 2014 Financial Statements
November 2014
Report Number 15-010
Overall Conclusion
In our audit report dated November 17, 2014, we concluded that the Teacher Retirement System's (System) basic financial statements for fiscal year 2014 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America. The System published our audit report as part of its basic financial statements, which it intends to post on its Web site at http://www.trs.state.tx.us/info.jsp?submenu=publications&page_id=/global/publications_info.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards (that report, including responses from management, is presented in the attachment to this letter). In that report, auditors recommended that the System strengthen its controls for verification of active member census data.
Our procedures were not intended to provide an opinion on internal control over financial reporting 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 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 a financial statement audit.