CERTIFIED PUBLIC ACCOUNTANTS
October 12, 2010
Oklahoma Law Enforcement Retirement System Board
We have audited the financial statements of Oklahoma Law Enforcement Retirement Plan (the "Plan"),
administered by the Oklahoma Law Enforcement Retirement System (the "System") as of and for the year
ended June 30, 2010, and have issued our report thereon dated October 12, 2010. Professional standards
require that we provide you with information about our responsibilities under auditing standards generally
accepted in the United States and Government Auditing Standards, as well as certain information related to
the planned scope and timing of our audit. We have communicated such information in our engagement
letter to you dated December 2,2009. Professional standards also require that we communicate to you the
following information related to our audit.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. The
significant accounting policies used by the Plan are described in Note 2 to the financial statements.
The Plan adopted no new accounting policies during the year. We noted no transactions entered into
by the Plan during the year for which there is a lack of authoritative guidance or consensus. There
are no significant transactions that have been recognized in the financial statements in a different
period than when the transaction occurred.
In June 2004, GASB issued Statement No. 43, Financial Reporting for Post-Employment Benefit
Plans Other Than Pension Plans (GASB 43). GASB 43 is effective in three phases for periods
beginning after December 15,2006. The Plan provides up to $ 105 per month toward the insurance
premium for retirees and certain beneficiaries of retirees. The effect of implementing GASB 43 was
not considered material to the June 30, 2010 or 2009, financial statements.
On June 30, 2008, GASB issued Statement No. 53, Accounting for Financial Reporting for
Derivative Instruments (GASB 53), which provides guidance to governments to improve the
reporting of derivative instruments in their financial statements. GASB 53 applies to all state and
local governments and is effective for financial statements for periods beginning after June 15,2009.
The effect of implementing GASB 53 did not have a material impact on the financial statements of
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