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A Report on the Audit of the Permanent School Fund's Fiscal Year 2016 Financial Statements

January 2017

Summary Analysis

In our audit report dated December 20, 2016, we concluded that the Permanent School Fund's (the Fund) basic financial statements for fiscal year 2016 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America. The Fund published our audit report as part of its basic financial statements, which it intends to post on its Web site at

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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 identified a deficiency in the General Land Office’s segregation of duties over its processing of transactions for alternative investments.

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The General Land Office (Land Office) should continue improving its implementation of sufficient segregation of duties over its processing of transactions for externally-managed alternative investments by moving responsibility for setting up new external manager accounts to its financial management division. Additionally, it should continue increasing its accounting staff’s oversight of the recording of alternative investment valuations.

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