A Report on the Audit of the Teacher Retirement System's Fiscal Year 2010 Financial Statements
December 2010
Report Number 11-014
Overall Conclusion
In our audit report dated November 10, 2010, we concluded that the Teacher Retirement System's (System) basic financial statements for fiscal year 2010 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America.
We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards. Our procedures did not identify any material weaknesses in internal control over financial reporting or any noncompliance with laws or regulations that materially affected the financial statements. However, our procedures were not intended to provide an opinion on internal control over financial reporting or to provide an opinion on compliance with laws and regulations.
The major internal controls that we tested for the purpose of forming our opinion on the financial statements were operating effectively. As required by professional auditing standards, we have also communicated to the System's Board of Trustees certain matters related to the conduct of a financial statement audit.
Conducting our audit of the System's financial statements enabled us to obtain information on the actuarial funded status of the pension plan and the retiree health care plan, which is summarized in this report.