1. Provide auditing service related to meeting the requirements of Governmental Accounting Standards Board (GASB) as requested by the Authority. This includes but is not limited to financial statement audits of the retirement systems administered by the Authority, and GASB 68 and 75 proportionate share audits. a. The KPPA Board has concluded that the Authority shall issue two separate financial statement audits and related Annual Comprehensive Financial Reports (ACFR): i. One ACFR for the County Employees Retirement System, and their related pension and insurance trust plans And ii.One ACFR for the Kentucky Retirement Systems, inclusive of the Kentucky Employees Retirement System (KERS) and the State Police Retirement System (SPRS), and their related pension and insurance trust plans. b. The initial DRAFT of the audit report(s) related to the ACFRs should be submitted by October 1st of each year. c. Once finalized, the Audit Report(s) shall be presented in-person or virtually, as requested by KPPA, to the KPPA Audit Committee in late November. Additionally, presentations will be necessary to the CERS Board, the KRS Board, and the KPPA Board in December. The presentations of the Audit Report(s) will not be able to be completed on the same day, as the meetings of the various boards are on different days, and are held in Frankfort, Kentucky, as well as virtually. d. Draft GASB 68 and 75 proportionate share audits shall be presented in-person or virtually at the February KPPA Audit Committee as well as the March CERS and KRS Board meetings, with final reports completed no later than March 15, following the fiscal year being audited. 2. Provide the Authority with limited consulting services related to processes and procedures including but not limited to the following matters: a. Internal Controls b. Contributions and Receivables c. Retiree payroll d. Investments e. GASB compliance f. Financial Statement Presentation
