Teacher Retirement System
An Audit on the Financial Statements of the Teacher Retirement System Year Ended August 31, 1997
March 1998
Report Number 98-034
Overall Conclusion
The Teacher Retirement System's (System) fiscal year 1997 general purpose financial statements are accurately presented in all material respects, in accordance with generally accepted accounting principles. We identified no current reportable conditions.
Key Facts and Findings
The System has not completely addressed prior audit recommendations related to (1) controls to ensure the accuracy of actuarial information and (2) controls for automated anticipation of international dividends. The System plans to resolve these recommendations with the final implementation of two new computer systems: the investment accounting and benefit accounting systems. Complete implementation of the two computer systems is scheduled during fiscal years 1998 and 1999, respectively.
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