Office of the Legislative Auditor - Financial Audit Division
Report Summary Teachers Retirement Association
Financial Statement Audit
Financial Audit Division Report 10-07
Released March 12, 2010
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.
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.
We audited TRA’s basic financial statements for the fiscal year ended June 30, 2009.