A Report on the Audit of the Employees Retirement System’s Fiscal Year 2019 Financial Statements
In our audit report dated December 20, 2019, we concluded that the Employees Retirement System’s (the System) basic financial statements for fiscal year 2019
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 posted 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 significant error wherein the
System incorrectly recorded an entry for its fiduciary funds. However, the System corrected the error before issuing its fiscal year 2019 financial statements.
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Auditors conducted census data testing for fiscal year 2019 as part of this audit. Please see the report for a description of the additional work performed.
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The Employees Retirement System (System) incorrectly recorded an offsetting entry of $440,547,375 to the unsettled investment payable
and unsettled investment receivable line items in its fiscal year 2019 financial statements. Auditors verified that the System corrected
the errors before issuing its fiscal year 2019 financial statements.
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