1. Financial Statement Auditing Services • Perform an audit and express an opinion on the fair presentation of LACERA’s annual financial statements, including the Pension Trust, the OPEB Trust, and the OPEB Custodial Fund. • Perform an audit and express an opinion on the fair presentation of the schedule of changes in fiduciary net position by employer for Los Angeles County's portion of the OPEB Trust. • Perform sample testing on disability retirements to ensure the processes and related Board determinations are compliant with Board policies. Provide a written report summarizing the work performed and findings. • Present audit results to the Audit, Compliance, Risk, and Ethics (ACRE) Committee. 2. GASB Disclosure Auditing Services • Perform an audit of schedules related to GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, and express an opinion on the fair presentation of these schedules. • Document the results in a written report. 3. Financial Statement Advisory Services • Review the Annual Comprehensive Financial Report against the guidelines for the Certificate in Excellence in Financial Reporting from the Governmental Finance Officers Association (GFOA). • Provide educational training on financial statements related topics to ACRE and LACERA staff, as needed. • Proactively evaluate and provide ACRE and LACERA staff with timely information on new developments, trends, or changes in the auditing and/or financial accounting standards relevant to LACERA, as needed.
