Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Public Employees Retirement Association
Financial Statement Audit

 

Financial Audit Division Report 10-06 Released March 9, 2010

Conclusion

The Public Employees Retirement Association’s (PERA) financial statements were fairly presented in all material respects. However, PERA had some weaknesses in internal control over financial reporting as noted below.

Findings

  • Prior Finding Not Resolved: PERA did not have adequate controls to ensure that employers reported and remitted the correct amount of salaries and retirement contributions.
  • PERA did not accurately report foreign currency risks in its financial statement footnote disclosures.
  • PERA did not adequately segregate incompatible receipt duties for members’ voluntary contributions.

Audit Scope

  • We audited PERA’s basic financial statements for the fiscal year ended June 30, 2009.

More Information

Office of the Legislative Auditor ♦ Room 140, 658 Cedar St., St. Paul, MN 55155