Report of Independent Public Accountants
To the Board of Trustees of the
Oklahoma Public Employees Retirement Plan:
We have audited the accompanying statements of plan net assets of the Oklahoma Public Employees
Retirement Plan (the "Plan"), administered by the Oklahoma Public Employees Retirement System
which is a component unit of the State of Oklahoma, as of June 30, 2000 and 1999, and the related
statements of changes in plan net assets for the years then ended. These financial statements and the
supplemental information referred to below are the responsibility of the Plan's management. Our
responsibility is to express an opinion on these financial statements and the supplemental
information based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States and Government Auditing Standards (1994 Revision), 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 of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial status of the Plan as of June 30, 2000 and 1999, and the changes in its financial status for
the years then ended in conformity with accounting principles generally accepted in the United
Our audits were made for the purpose of forming an opinion on the basic financial statements taken
as a whole. The supplementary information contained in the schedule of funding progress, the
schedule of employer contributions, the schedules of investment expenses, the schedules of
administrative expenses and the schedules of professional/consultant fees is presented for the
purpose of additional analysis and is not a required part of the basic financial statements. This
information has been subjected to the auditing procedures applied in our audits of the basic financial
statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.
In accordance with Government Auditing Standards, we have also issued a report on compliance
with laws, regulations, contracts and grants, and on internal control over financial reporting dated
September 22, 2000.
Oklahoma City, Oklahoma,
September 22, 2000
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