Teachers' Retirement System, Department of Administration, a component unit of the State of Montana : financial audit for the fiscal year ended June 30 .. PDF
Preview Teachers' Retirement System, Department of Administration, a component unit of the State of Montana : financial audit for the fiscal year ended June 30 ..
s 353.54 L72TRSF 2005 Legislative Audit Division StateofMontana ReporttotheLegislature November2005 Financial Audit For the Fiscal Year Ended June30, 2005 Teachers* Retirement System Thisreportcontainsthefinancialstatementsandourindependent auditor'sreportfortheTeachers' RetirementSystemforthefiscalyear endedJune30,2005. Thisreportcontainsonerecommendation concerningtheactuarialsoundnessoftheretirementsystem. ST/ITE DOCUMENTS COLLECTION nrc 29 2005 '«"^ANA STATE LIBRARY HucEiLEiN-!A?.^5M^O-N6TtAhNAAVE5.9620 Directcomments/inquiriesto: LegislativeAuditDivision Room 160,StateCapitol POBox201705 05-09 HelenaMT 59620-1705 Helpeliminatefraud,waste,andabuseinstategovernment. CalltheFraudHotlineat 1-800-222-4446statewideor444-4446inHelena. MonianaSlaieLibrary lJ1:i:ii::n 3 0864 1003 6021 6 FINANCIALAUDITS FinancialauditsareconductedbytheLegislativeAuditDivisiontodetermineifthefinancial statementsincludedinthisreportarepresentedfairlyandtheagencyhascompliedwithlawsand regulationshavingadirectandmaterialeffectonthefinancialstatements, hiperformingthe auditwork,theauditstaffusesstandardssetforthbytheAmericanInstituteofCertifiedPublic AccountantsandtheUnitedStatesGovernmentAccountabilityOffice. Financialauditstaff membersholddegreeswithanemphasisinaccounting. MoststaffmembersholdCertifiedPublic Accountant(CPA)certificates. GovernmentAuditingStandards,theSingleAuditActAmendmentsof1996andOMBCircular A-133requiretheauditortoissuecertainfinancial,internalcontrol,andcompliancereports. This individualagencyauditreportisnotintendedtocomplywiththeserequirementsandistherefore notintendedfordistributiontofederalgrantoragencies. TheLegislativeAuditDivisionissuesa statewidebiennialSingleAuditReportwhichcomplieswiththeabovereportingrequirements. TheSingleAuditReportforthetwofiscalyearsendedJune30,2005,willbeissuedbyMarch 31,2006. TheSingleAuditReportforthetwofiscalyearsendedJune30,2003,wasissuedon March23,2004. CopiesoftheSingleAuditReportcanbeobtainedbycontacting: SingleAuditCoordinator LegislativeAuditDivision OfficeofBudgetandProgramPlanning Room 160,StateCapitol StateCapitol POBox201705 HelenaMT 59620 HelenaMT 59620-1705 Phone(406)444-3616 MEMBERSOFTHELEGISLATIVEAUDITCOMMITTEE LEGISLATIVE AUDIT DIVISION ScottA. Seacat,LegislativeAuditor DeputyLegislativeAuditors: JohnW.Northey,LegalCounsel JimPellegrini,PerformanceAudit ToriHunthausen,ISAudit& Operations JamesGillett,Financial-ComplianceAudit November2005 TheLegislativeAuditCommittee oftheMontanaStateLegislature: ThisisourfinancialauditreportontheTeachers'RetirementSystem(system),acomponentunit ofthestateofMontana, forthefiscalyearendedJune30,2005. Thisreportcontainsone recommendationrelatedtotheactuarialsoundnessofthesystem. Weissuedanunqualifiedopiniononthesystem'sfinancial statementsforthetwofiscalyears endedJune30,2005. Ouropiniononthesystem'sfinancialstatementsisalsocontainedinthe Teachers' RetirementSystemAnnualReport. Theannualreportcontainsadditionalbackground, statistical,andactuarialinformationnotincludedinthisauditreport,whichmaybeofinterestto legislatorsorthepublic. CopiesoftheannualreportcanbeobtainedfromtheTeachers' RetirementSystemoraccessedonitswebsite. Theannualreportforfiscalyear2004-05 is expectedtobeavailableinlateDecember2005. Thesystem'swrittenresponsetotheauditisincludedattheendoftheauditreport. Wethankthe ExecutiveDirectorandhisstafffortheirassistanceandcooperationthroughouttheaudit. Respectfullysubmitted, ScottA. Seacat LegislativeAuditor Room 160,StateCapitolBuildingPOBox201705Helena.MT 59620-1705 Phone(406)444-3122 FAX(406)444-9784 [email protected] Digitized by the Internet Archive in 2010 with funding from IVIontana State Library http://www.archive.org/details/teachersretireme2005mont Legislative Audit Division Financial Audit For the Fiscal Year EndedJune30, 2005 Teachers' Retirement System MembersoftheauditstaffinvolvedinthisauditwerePearlM.Allen, ChrisG.Darragh,GeriHoffman,andMelissaSoldano. Table ofContents AppointedandAdministrativeOfficials ii ReportSummary S-1 Introduction 1 General 1 Background 1 PriorAuditRecommendations 2 FindingsandRecommend 3 SystemNotActuariallySound 3 IndependentAuditor'sReport& SystemFinancialStatements,RequiredSupplementary Information,andSupplementaryInformation A-1 IndependentAuditor'sReport A-3 TheTeachers' RetirementSystemManagement'sDiscussionandAnalysis,Financial Statements,RequiredSupplementaryInformation,andSupplementaryInformation Management'sDiscussionandAnalysis A-5 StatementofFiduciaryNetAssets June30,2005and2004 A-8 StatementofChangesinFiduciaryNetAssets FiscalYearsEndedJune30,2005 and2004 A-9 NotestotheFinancial Statements FiscalYearsEndedJune30,2005and2004 A-10 ScheduleofFundingProgress A-19 ScheduleofContributionsfromtheEmployer andOtherContributingEntities A-20 NotestotheRequiredSupplementaryInformation A-21 SupportingSchedules FiscalYearsEndedJune30,2005and2004 A-23 Board'sResponse B-1 Teachers" Retirement System B-3 Page i Appointed and Administrative Officials Teachers'RetirementBoard Report Summary Teachers' Retirement Thisreportdocumentstheresultsofourfinancialauditofthe System Teachers' RetirementSystemforthefiscalyearendedJune30, 2005. Thisreportcontainsonerecommendationrelatedtothe actuarialsoundnessoftheSystem. Thepreviousauditreport containedonerecommendationrelatingtoseekinglegislationfor fundingchangestofundthesystemonanactuarially-soundbasis. Althoughlegislationwassoughtduringthe2005 session,no legislationwaspassedtocorrectthefundingproblem. Teachers' RetirementSystempersonnelpreparethefinancial statementsfromtheStatewideAccounting,Budgeting,andHuman ResourcesSystem(SABHRS)withadjustment. Adjustmentsare madetomoreaccuratelypresentfinancialactivitytothereadersof thestatements. Weissuedanunqualifiedopiniononthefinancial statementspresentedinthisreportwhichmeansthereadercanrely onthefinancialinformationpresented. Thelistingbelowservesasameansofsummarizingthe recommendationscontainedinthereport,thedepartment's responsethereto,andareferencetothesupporting comments. Recommendation#1 Werecommendlegislationbeenactedtoprovidefundingto ensuretheTeachers' RetirementSystemisfundedonan actuarially-soundbasisasrequiredbytheMontana Constitution AgencyResponse: Conditionallyconcur. SeepageB-3. PageS-1
The list of books you might like
