FINANCIAL
OPERATIONS |
FY
2000 |
FY
1999 |
| REVENUES
Contributions:
Participants
Employing State agencies
State pension fund
Net investment income
Net appreciation in fair value of investments
Interest earned on cash balances
Total Revenue
EXPENSES
Benefits:
Retirement annuities
Survivors' annuities
Disability benefits
Lump-sum death benefits
Refunds
Administration
Transfers to reciprocating systems
Total Expenses
|
$ 164,792,356
328,152,521
12,720,000
199,499,986
725,684,217
6,079,096
$1,436,928,176
$405,944,513
42,672,462
29,239,488
12,058,958
15,898,980
6,613,765
32,327
$512,460,493 |
$ 159,580,234
307,001,046
8,523,961
202,442,449
700,891,860
4,787,485
$1,383,227,035
$363,649,705
40,506,748
26,791,871
9,894,097
13,989,387
6,433,951
23,137
$461,288,896 |
| SELECTED ACCOUNT
BALANCES |
JUNE
30, 2000 |
JUNE
30, 1999 |
Cash
Receivables
Investments, at fair value
Property and equipment, net of accumulated depreciation
Liabilities
Net Assets Held in Trust for Benefits
Actuarial Accrued Liability
Unfunded Liability |
$97,638,073
$27,920,145
$8,786,654,484
$3,354,788
$4,666,838
$8,910,900,652
$10,912,987,912
$2,002,087,260 |
$100,578,832
$25,972,613
$7,861,470,281
$3,500,719
$5,089,476
$7,986,432,969
$9,998,204,988
$2,011,772,019 |
| SUPPLEMENTARY
INFORMATION |
FY
2000 |
FY
1999 |
Number of System employees
Number of retirees and beneficiaries currently receiving benefits
Inactive members not yet receiving benefits
Current Members:
Vested
Nonvested
Total Return on Investments
|
80
42,094
4,032
54,204
26,472
11.8% |
80
41,131
3,749
54,366
25,136
12.9%
|
|
Internal audit workpaper documentation should be strengthened
|
INTRODUCTION
This digest covers our compliance audit of the System for the year ended June
30, 2000. A financial audit covering the year ending June 30, 2000 is being issued
separately.
It should be noted that, pursuant to the Illinois Pension Code, investments of the
System are managed by the Illinois State Board of Investment.
FINDING, CONCLUSION, AND RECOMMENDATION
INTERNAL AUDIT WORKPAPER DOCUMENTATION
During our audit, we noted several areas in which workpaper documentation should be
strengthened relating to internal audits. Some of the areas identified were:
- Workpapers did not adequately document the planning of the audits in the following
areas: objective(s) and scope, background information, communication and surveys.
- Work plans/ programs did not include audit objectives, scope or degree of testing
required to achieve the audit objectives, sample selection, and identification of
technical processes or transactions that should be examined.
- The audit files did not contain documentation of the determination of how, when, and to
whom audit results should be communicated.
The Internal Audit Advisory Board of the State has adopted the Institute of Internal
Auditors, IIA, standards to be used when performing internal audits. The IIA standards
address workpaper and work plan preparation and should be followed when performing
internal audits. (Finding 1, pages 9-10)
|
|
|
We recommended the System's Internal Auditor document the work performed and sign audit
reports in accordance with the standards.
System management indicated it will attempt to strengthen audit
documentation where appropriate and cost justified considering the time restraints of
having one internal audit position for the entire agency and the diverse operational areas
to be reviewed.
Mr. Michael Mory, Executive Secretary, provided the response to our recommendation on
January 5, 2001.
_____________________________________
WILLIAM G. HOLLAND, Auditor General
WGH:RPU:pp
SPECIAL ASSISTANT AUDITORS
Thomas Havey LLP were our special assistant auditors for this audit
|
