State of Montana, Teachers' Retirement System, Report On Audit 1976

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"Accrue all substantial receivables at the end of each fiscal year. " Not Implemented - The statewide budgeting and accounting system (SBAS) provides the general ledger which is currently being utilized by the retirement system. As of June 30, 1975 and June 30, 1976, no substantial receivables were accrued on the SBAS reports.
The accompanying financial statements have been adjusted to reflect contributions receivable of $2,604,061 and interest receivable on investments of $1,866,892 at June 30
..., 1976.
This particular recommendation has appeared on each of the last two reports on audit for the retirement system. It was indicated in the last report that the recommendation to accrue substantial receivables was "partially implemented", as of June 30, 1974.
At that time, the retirement system utilized a manual accounting system in conjunction with the computerized system provided by SBAS. The manual system was used to prepare the system's -6- HOLMES & TURNER HOLMES & TURNER financial statements at that time.


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