Specifications include, but are not limited to: Under the direction of the Audits and Risk Management Committee (Committee) or designee, the financial consultant will act prudently to provide at a minimum the following services: 1. Assist, review, respond, and advise the Committee on: a. Current accounting and financial regulatory rules and standards and any changes that may impact or affect CalSTRS such as (Governmental Accounting Standards Board (GASB), Generally Accepted Accounting Principles (GAAP), Generally Accepted Government Auditing Standards (GAGAS), etc.). b. Financial matters related to public pension funds that may impact CalSTRS; c. Issues related to fraud, misconduct within pension funds or other organizations similar to size and operations to CalSTRS; d. Educational needs of the ARM Committee; e. Annual financial statement audit; f. Organizational risk assessments; g. Audit Services annual audit plan; h. ARM Committee charter and Audit Services charter; i. Specific projects or reports presented to the committee; j. Enterprise risk and compliance reports; k. Public company regulatory matters that may affect CalSTRS (e.g. SEC, SarbanesOxley, Public Company Accounting Oversight Board (PCAOB), etc.); l. Roles and responsibilities of the committee members, audit services staff, enterprise risk management and compliance staff; m. Other general consulting duties or activities as may be required or requested consistent with the foregoing tasks by the Committee. 2. Coordinate with staff on ARM Committee matters as needed. 3. Meet periodically with the ARM Committee chair and other committee members, Chief Auditor, Director of Enterprise Risk Management and Enterprise Compliance, Senior Investment Director of Investment Strategic Management and Operations, CalSTRS external financial statement auditor, Chief Financial Officer and other CalSTRS leaders as requested. 4. Work with the Chief Auditor on administrative contract matters such as invoicing, receipt of ARM Committee agendas, etc. 5. Provide training to ARM Committee for no less than two (2) four-hour training sessions per fiscal year regarding committee responsibilities or related topics as requested. 6. Review the ARM Policy annually to identify whether any updates are needed. 7. Onboard training new committee members as requested. 8. Suggest external training courses for committee members that may be beneficial. 9. Provide any additional assignments as requested up to ten (10) hours per fiscal year. 10. Attend ARM Committee meetings in person and provide insight and respond to questions as requested. 11. Assist the ARM Committee with the recruitment of Chief Auditor and Director of Enterprise Risk Management and Enterprise Compliance Services if requested. 12. Provide input on the performance of the Chief Auditor and internal audit function.
