Frequently Asked Questions
At this time, TRS does not provide member information to RE financial auditors. The State Auditor's Office audits the census data submitted to the actuary for purposes of calculating the pension liability.
No.
No, TRS does not receive a SOC 1 report as it is a cost-sharing multiple-employer plan with one system of internal controls applicable to all RE's (unlike many agent multiple-employer plans). Internal controls covering census data are evaluated annually during the Annual Comprehensive Financial Report (ACFR) audit conducted by the State Auditor's Office.
The SAO follows American Institute of Certified Public Accountants (AICPA) and Generally Accepted Governmental Auditing Standards (GAGAS) in conducting their work. Tests performed on census data are in accordance with those described in the AICPA's State and Local Governments Audit Guide and Accounting Guide.
Yes, as part of the annual Annual Comprehensive Financial Report (ACFR) testing.
Along with the SAO tests of census data, TRS Internal Audit tests census data of RE's. The results of these tests may be found on the TRS website, Final TRS Audit Reports.