Report Summary
Teachers Retirement Association
Financial Statement Audit
|
Financial Audit Division Report 10-07 |
Released March 12, 2010 |
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 business operations, as noted below.
Findings
- Prior Finding Partially Resolved: TRA did not identify, analyze, and document its internal controls related to business operations.
- Prior Finding Partially Resolved: TRA did not have adequate controls to ensure computer users’ access was appropriate on an ongoing basis, and it did not implement adequate mitigating controls over incompatible access.
- TRA did not accurately report foreign currency risk in its financial statement footnote disclosures.
Audit Scope
We audited TRA’s basic financial statements for the fiscal year ended June 30, 2009.
