A Report on the Audit of the Employees Retirement System's Fiscal Year 2010 Financial Statements
January 2011
Report Number 11-015
Overall Conclusion
In our audit report dated November 16, 2010, we concluded that the Employees 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. In addition, the major internal controls that we tested for the purpose of forming our opinions on the financial statements were operating effectively. 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. Accordingly, we do not express an opinion on the effectiveness of the System's internal control over financial reporting or on compliance with laws and regulations.
Auditors also determined that the System took appropriate corrective action to implement recommendations and remedy findings from prior year audits that could have had a material effect on the financial statements.
Auditors communicated less significant issues to System management in writing. As required by professional auditing standards, we will also communicate to the System's Board of Trustees certain matters related to the conduct of a financial statement audit.