The auditor’s note appears in the MBTA Retirement Fund’s annual report year after year: Management has omitted key information that’s considered “an essential part of financial reporting’’ and is required under government accounting standards.
The $1.6 billion retirement fund for transportation authority employees passes the basic financial hurdle with its outside auditor, KPMG. But it routinely fails to supply the required context for those numbers.
It’s a lack of transparency that’s endemic at the MBTA pension board, which failed to disclose for more than two years a $25 million investment loss in a hedge fund that’s now been accused of fraud. A more complete audit could have shed light on the troubled investment sooner, according to specialists in accounting and people who have reviewed the T’s audits. Full story for BostonGlobe.com subscribers.
Beth Healy can be reached at Beth.Healy@globe.com.