Texas Permanent School Fund Comprehensive Annual Financial Report: 2015 Page: Independent Auditors Report
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tate
dItor'sI
_ in office
John Keel, CPA
State Auditor
Robert E. Johnson Building1501 N. Congress Avenue
Austin, Texas 78701
P.O. Box 12067
Austin, Texas 78711-2067
Phone:
(512) 936-9500
Fax:
(512) 936-9400
Internet:
www.sao.state.tx.usIndependent Auditor's Report
Members of the State Board of Education
Members of the School Land Board
Report on the Financial Statements
We have audited the accompanying financial statements of the Permanent School Fund
(Fund), as of and for the year ended August 31, 2015, and the related notes to the financial
statements.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States
of America; this includes the design, implementation, and maintenance of internal control
relevant to the preparation and fair presentation of financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the
United States of America and the standards applicable to financial audits contained in
Government Auditing Standards issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
SAO Report No. 16-312
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Permanent School Fund (Texas). Texas Permanent School Fund Comprehensive Annual Financial Report: 2015, report, Autumn 2015; Austin, Texas. (https://texashistory.unt.edu/ark:/67531/metapth838482/m1/19/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting UNT Libraries Government Documents Department.