The audit should cover the following: Analyze the appropriateness of the actuarial assumptions. Review the actuarial assumptions and methodology for compliance with generally recognized and accepted actuarial principles and practices which are consistent with Actuarial Standards of Practice, the Code of Professional Conduct, Qualifications Standards for Public Statements of Actuarial Opinion of the American Academy of Actuaries and GASB Statement No. 67. Evaluate the data used for performance of the valuations including IPERS’ production of data used in the actuarial calculations, the degree to which data is sufficient to support the conclusions of the valuation and the use and appropriateness of any assumptions made regarding the data.