A Financial Audit
A Report on the Audit of the Teacher Retirement System of Texas's Fiscal Year 2025 Financial Statements
November 2025
Overview
Independent Auditor's Report
In our audit report dated November 20, 2025, we concluded that the Teacher Retirement System of Texas’s (System) basic financial statements for fiscal year 2025 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 website at https://www.trs.texas.gov/learning-resources/publications/resource-library-financial-reports.
Report on Internal Control over Financial Reporting and on Compliance and Other Matters
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. Our procedures did not identify any material weaknesses in internal control over financial reporting or any noncompliance with laws or regulations that materially affected the financial statements. In addition, the major internal controls that we tested for the purpose of forming our opinions on the financial statements were operating effectively.