Association of Public Pension Fund Auditors
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| Association of Public Pension Fund Auditors | |
|---|---|
| Name | Association of Public Pension Fund Auditors |
| Type | Professional association |
| Headquarters | Washington, D.C. |
| Region served | United States, Canada, International |
| Membership | State auditors, municipal auditors, pension fund auditors |
| Leader title | President |
| Website | (official website) |
Association of Public Pension Fund Auditors
The Association of Public Pension Fund Auditors is a professional organization focused on auditing and oversight of public pension systems. It brings together auditors from United States Department of Labor, Government Accountability Office, Securities and Exchange Commission, National Association of State Auditors, Comptrollers and Treasurers, and municipal offices to promote accountability for funds such as CalPERS, New York State Common Retirement Fund, Ontario Teachers' Pension Plan, Canada Pension Plan Investment Board, and other public pension entities. The association engages with standards-setters including American Institute of Certified Public Accountants, Governmental Accounting Standards Board, and International Organization of Supreme Audit Institutions.
Introduction
The association serves auditors who examine pension plans administered by entities like State of California, State of New York, City of Chicago, City of Los Angeles, Province of Ontario, and national bodies such as Social Security Administration. Members often have professional affiliations with Institute of Internal Auditors, Chartered Professional Accountants of Canada, Financial Accounting Standards Board, International Federation of Accountants, and academic institutions including Harvard University, Stanford University, and London School of Economics. The association positions itself alongside organizations such as National Association of Pension Funds, Public Pension Coordinating Council, International Public Sector Accounting Standards Board, and Association of Local Government Auditors.
History and Formation
The founding drew participants from state and provincial auditor offices, inspired by oversight efforts tied to events like scrutiny of Enron, WorldCom, and reforms resembling responses to Pension Benefit Guaranty Corporation challenges. Early collaboration involved representatives from California Department of Finance, New York State Comptroller's Office, City of Toronto, and federal actors including Congressional Budget Office staff. The group evolved through conferences with contributors from Brookings Institution, The Heritage Foundation, Center for Strategic and International Studies, and universities such as Columbia University and University of Chicago.
Mission and Objectives
The association's mission emphasizes fiduciary responsibility for funds like Thrift Savings Plan, New Jersey Division of Pensions, and Texas Teacher Retirement System. Objectives include developing audit protocols consonant with guidance from International Auditing and Assurance Standards Board, bolstering transparency akin to reporting by European Investment Bank, and supporting anti-fraud measures used by Federal Bureau of Investigation, Department of Justice, and Office of Inspector General. It aims to align public plan auditing with practices of International Monetary Fund, World Bank, and multilateral institutions.
Membership and Governance
Membership comprises auditors from state offices such as Office of the Auditor General of Canada, New South Wales Audit Office, and city controllers from City of New York Office of the Comptroller, along with staff from pension administrators like Teachers' Retirement System of Illinois and Florida Retirement System. Governance follows a board model similar to Association of Government Accountants and includes committees for standards, education, and research, with officers elected in processes informed by precedents at American Bar Association and Project Management Institute.
Standards, Guidance, and Best Practices
The association issues guidance referencing standards from GAO Yellow Book, AICPA Professional Standards, IFAC Code of Ethics for Professional Accountants, and GASB Statement No. 68. Best practices address actuarial valuation reviews, internal control frameworks seen in COSO, risk assessments similar to those used by Basel Committee on Banking Supervision, and investment oversight comparable to procedures at Vanguard Group, BlackRock, and Fidelity Investments. Audit methodologies incorporate elements used in examinations by Public Company Accounting Oversight Board and National Association of Insurance Commissioners.
Training, Certification, and Professional Development
Training programs partner with universities and professional bodies such as University of Michigan, Georgetown University, CPA Canada, and Institute of Chartered Accountants in England and Wales. Certifications promoted mirror competencies from Certified Public Accountant, Certified Internal Auditor, Chartered Financial Analyst, and specialized credentials like those from Pension Benefit Guaranty Corporation training units. Workshops and seminars feature speakers associated with Harvard Kennedy School, London School of Economics, Yale University, and think tanks including RAND Corporation.
Advocacy, Research, and Policy Influence
The association conducts research and issues position papers engaging legislators in bodies like the United States Congress, Canadian Parliament, and state legislatures including California State Legislature and New York State Legislature. It consults with regulators such as Department of Labor (United States), Office of the Superintendent of Financial Institutions (Canada), and international organizations like Organization for Economic Co-operation and Development and International Labour Organization. Research topics intersect with studies by National Bureau of Economic Research, Urban Institute, and Pew Charitable Trusts.
Notable Activities and Impact
Notable activities include coordinated audits of large plans such as CalPERS and New York State Common Retirement Fund, symposiums with Harvard University and Brookings Institution, and publication of guidance cited by Government Accountability Office reports. The association's influence appears in legislative testimony before committees such as the U.S. Senate Committee on Finance, state audit reforms influenced by California Public Employees' Retirement System oversight discussions, and collaborations with international audit bodies like INTOSAI and European Court of Auditors.