A Financial Audit
A Report on the Audit of the Teacher Retirement System’s Fiscal Year 2018 Financial Statements
In our audit report dated November 20, 2018, we concluded that the Teacher Retirement System’s (the System) basic financial statements for fiscal year 2018 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 has posted on its Web site at www.tea.texas.gov. Auditors also conducted census data testing for fiscal year 2018 as part of this audit.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. In that report, auditors identified that the System should strengthen controls to help ensure (1) the completeness and accuracy of the active employee census data that employers submit through the Teacher Retirement Unified System for Technology (TRUST) and (2) that unfunded commitment amounts are properly reported in the notes to its financial statements.
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.
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The System Should Strengthen Controls to Help Ensure the Completeness and Accuracy of the Active Employee Census Data That Employers Submit Through TRUST
The Teacher Retirement System (System) should strengthen controls over active employee census data submitted through the Teacher Retirement Unified System for Technology (TRUST) to help ensure that data is complete and accurate.
The System Should Strengthen Controls to Help Ensure that Unfunded Commitment Amounts Are Properly Reported in the Notes to its Financial Statements
The Teacher Retirement System (System) should stregthen controls for its reporting and review of unfunded investment commitments disclosed in the notes to its finacial statements to help ensure that amounts are properly reported.