A Report on the Audit of the Permanent School Fund's Fiscal Year 2011 Financial Statements
Report Number 12-012
In our audit report dated December 20, 2011, we concluded that the Permanent School Fund's (Fund) basic financial statements for fiscal year 2011 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America. The Fund published our audit report as part of its basic financial statements, which it intends to post on its Web site at
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.
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 Fund's internal control over financial reporting or on compliance with laws and regulations.
Auditors communicated certain issues that were not material or significant to the audit objectives in writing to the Fund's management.
As required by auditing standards, we will also communicate to the State Board of Education certain matters related to the conduct of a financial statement audit.
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