Minnesota Office of the Legislative Auditor
Financial Audit Division

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Report Summary
Teachers Retirement Association
Financial Statement Audit

 

Financial Audit Division Report 11-03 Released February 18, 2011

Conclusion

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

Key Findings

  • TRA did not accurately report derivatives in its draft financial statement footnote disclosures.
  • TRA did not have sufficient controls to ensure that it had accurate date of birth data for its members.

Audit Scope

We audited TRA’s basic financial statements for the fiscal year ended June 30, 2010.

More Information

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