Office of the Legislative Auditor - Financial Audit Division

Report Summary
Public Employees Retirement Association

Financial Audit

For the Year Ended June 30, 1994

Objectives:

Examine the association's financial statements.

Review internal control structure: Employee and employer contributions, annuity payments, Police and Fire Fund consolidations.

Test compliance with certain finance-related legal provisions.

Conclusions:

We issued an unqualified opinion on the association's financial statements for fiscal year 1994.

We found one area where the internal control structure needed improvement:

• PERA does not have an adequate separation of duties over the annuity payment process.

We found no departures from finance-related legal provisions.