A Report on the Audit of the Teacher Retirement System's Fiscal Year 2014 Employer Pension Liability Allocation Schedules
June 2015
Report Number 15-035
Overall Conclusion
In our audit report dated May 29, 2015, we concluded that the Schedule of Employer Allocations and the Schedule of Pension Amounts by Employer as of August 31, 2014, 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 has posted the schedules and our audit report on its Web site at http://www.trs.state.tx.us/
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 (that report, including responses from management, is presented in the attachment). 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. Our procedures did identify one significant deficiency in control related to the preparation of the schedules that we included as part of the report on controls and compliance. However, 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.
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.