RD53 - Virginia Retirement System Report on Audit for the Year Ended June 30, 2011


Executive Summary:
Our audit of the Virginia Retirement System (Retirement System) for the year ended June 30, 2011, found:

• the financial statements are presented fairly, in all material respects;

• no material weaknesses in internal control over financial reporting; and

• no instances of noncompliance or other matters required to be reported under Government Auditing Standards

The Retirement System is replacing their existing mainframe-based software systems with a web-based platform, changing the way employers and members interact with the Retirement System. We are monitoring this project and this report includes an update on the status of the project.

We have audited the basic financial statements of the Virginia Retirement System as of and for the year ended June 30, 2011, and issued our report thereon, dated November 30, 2011. Our report is included in the Virginia Retirement System’s Annual Report that it anticipates releasing on or around December 9, 2011.