General Government
An Audit Report on the Fiscal Year 2001 Financial Statements of the Office
of the Fire Fighters' Pension Commissioner
June 2002
Report Number 02-053
Overall Conclusion
The Office of the Fire Fighters' Pension Commissioner's FY 2001 financial statements are materially correct and there were no instances of noncompliance with laws and regulations that would have a material effect on the financial statements.
Key Facts and Findings
- The agency's Board of Trustees needs to continue monitoring and evalutating whether administrative expenses are reasonable and necessary for the prudent management of the pension trust fund. FY 01 administrative expenses exceeded the appropriations amount disclosed in the General Appropriations Act.
- The agency needs to strengthen internal controls by performing cash reconciliations between USAS and it's internal accounting system in a timely manner.
- The agency needs to enhance assurances of the accuracy of it's financial statements by verifying the market value information received from it's investment custodian.
- The agency improved segregation of duties in the Pension Administration Office and adopted a policy to rotate actuarial consultants as requested by SAO in prior audits.
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