Audit reveals a lack of internal controls may have misappropriated funds within the retirement system.
Auditor general says the process to replace the investment manager was 'fatally flawed.'
$178 million reduction in investment fees since 2007 is not enough.
Policies lauded for governance, portfolio management.
Audit going back 62 years has found that half the pension’s calculations had an error.
Scathing report accuses fund of poor oversight, depletion of funds, and unauthorized transactions.