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An Audit Report on the Audit of the Teacher Retirement System's Fiscal Year 2017 Financial Statements

November 2017

Summary Analysis

In our audit report dated November 20, 2017, we concluded that the Teacher Retirement System’s (the System) basic financial statements for fiscal year 2017 were materially correct and presented in accordance with accounting principles generally accepted in the United States of America. The System published our audit report as part of its basic financial statements, which it intends to post on its Web site at Auditors also conducted census data testing for fiscal year 2017 as part of this audit.

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We also issued a report on internal control over financial reporting and on compliance and other matters as required by auditing standards (that report, including responses from management, is presented in the attachment to this letter). In that report, auditors identified that the System should strengthen controls to help ensure the completeness and accuracy of the active employee census data that employers submit.

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The Teacher Retirement System (System) should strengthen controls over active employee census data to help ensure that data is complete and accurate.

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