Orange County Employees Retirement System Audit Committee Meeting
The Audit Committee meeting covered several key operational and audit-related topics. Discussions included reports on the continuous audit of final average salary calculations, an audit of investment accounting and valuation, and a review of the revised 2026 audit plan. Additionally, the committee received a quality assurance report regarding member services and updates on internal audit activities, including discussions on materiality and reporting standards, and compliance with the Institute of Internal Auditors' requirements.
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Orange County Employees Retirement System Audit Committee Meeting
The committee discussed the 2025 financial statement audit and the 2025 Annual Comprehensive Financial Report. Key actions included recommending the approval of audited financial statements, the finalized annual report, the GASB Statement 67 actuarial valuation, and receiving reports from the external auditor, Baker Tilly. Additionally, the committee reviewed the GASB 68 valuation and audit report, an employer audit for the District Attorney's office, and received updates on the compliance program. The committee also conducted interviews and appointed a new Director of Internal Audit during closed sessions.
