ABOUT LACERA

AUDIT COMMITTEE AGENDA 3-24-09

2009 COMMITTEE MEMBERS

• Simon S. Russin, 2008 Chair
• William de la Garza
• Ed C. Morris
• William R. Pryor
• Herman B. Santos
• Michael Schneider

CONSULTANT

• Timothy O’Brien – Audit Committee Consultant

1. ELECTION OF AUDIT COMMITTEE CHAIR, VICE CHAIR, AND SECRETARY FOR CALENDAR YEAR 2009
2. APPROVAL OF THE MINUTES OF THE AUDIT COMMITTEE MEETING OF AUGUST 12, 2008
3. APPROVAL OF THE MINUTES OF THE AUDIT COMMITTEE MEETING OF NOVEMBER 18, 2008
4. PUBLIC COMMENT
5. PRESENTATIONS
   1. Audit Committee Orientation Curriculum Richard Bendall, Chief-Internal Audit Sarah Marks, Principal Internal Auditor

      (Memo dated March 13, 2009)

6. ACTION ITEMS
   1. Recommendation as submitted by Richard Bendall, Chief-Internal Audit and Sarah Marks, Principal Internal Auditor: Provide direction regarding the Audit Committee Consultant’s contract to either: (a) extend the agreement between the existing consultant and LACERA or, (b) issue a Request For Proposal in July of 2009, with statement of work and minimum qualifications, to evaluate the available candidate pool.

      (Memo dated March 11, 2009)

   2. Recommendation as submitted by Richard Bendall, Chief-Internal Audit and Sarah Marks, Principal Internal Auditor: Internal Audit recommends that your Committee direct Internal Audit staff to review the structure and content of the Audit Committee Charter and bring recommended changes back to your Committee for approval in November 2009.

      (Memo dated March 11, 2009)

   3. Recommendation as submitted by Richard Bendall, Chief-Internal Audit and Sarah Marks, Principal Internal Auditor: Internal Audit respectfully requests that your Committee approve the following modifications to the Audit Plan for fiscal year ending June 30, 2009.

      (Memo dated March 5, 2009, and Audit Plan Status Report dated February 28, 2009)

   4. Recommendation as submitted by Richard Bendall, Chief-Internal Audit: Staff recommends that your Audit Committee:
      1. Provide staff feedback on the proposed plan to conduct a fiduciary review of the Board of Retirement and certain of its operations.
      2. Direct staff to issue a Request for Information (RFI) to various fiduciary experts.
      3. Designate a sub-committee to define the scope of the fiduciary review of the Board of Retirement and certain of its operations.

         (Memo dated March 12, 2009)

   5. Approve the rescheduling of the next Audit Committee meeting to July 29, 2009, at 9:00 a.m.

      (Oral presentation only)

7. REPORTS
   1. Audit Committee Consultant Performance Evaluation Richard Bendall, Chief-Internal Audit Sarah Marks, Principal Internal Auditor

      (Memo date March 11, 2009)

   2. Summary of Significant Work Completed / In-Progress Since Last Audit Committee Meeting [As of February 28, 2009] Richard Bendall, Chief-Internal Audit Sylvia Botros, Internal Auditor

      (Memo dated February 28, 2009)

   3. Actuarial Audit Services Agreement with The Segal Company – Automatic Extension Richard Bendall, Chief-Internal Audit Ted Granger, Senior Internal Auditor

      (Memo dated March 11, 2009)

   4. 2009 RFP for Annual Audits of the Financial Statements – Progress Update Richard Bendall, Chief-Internal Audit Ted Granger, Senior Internal Auditor

      (Memo dated March 12, 2009)

   5. Fiduciary Review – Recommendation Follow-up Progress Update [As of March 2009] Richard Bendall, Chief-Internal Audit Ted Granger, Senior Internal Auditor

      (Memo dated March 12, 2009)

   6. Status of Other External Audits Not Conducted at the Discretion of Internal Audit

      No items to report.

8. . FOR INFORMATION ONLY
   1. Educational Materials
9. CONSULTANT COMMENTS Timothy O’Brien – Audit Committee Consultant

   (Oral presentation only)

10. GOOD OF THE ORDER

    (For discussion purposes only)

11. XI. ADJOURNMENT

Documents subject to public disclosure that relate to an agenda item for an open session of the Audit Committee that are distributed to members of the Audit Committee less than 72 hours prior to the meeting will be available for public inspection at the time they are distributed to a majority of the Audit Committee Members at LACERA’s offices at 300 N. Lake Avenue, Suite 820, Pasadena, CA 91101, during normal business hours of 9:00 a.m. to 5:00 p.m. Monday through Friday.

Listening Devices are available at days notice before the meeting date. Persons requiring an alternative format of this public notice pursuant to Section 202 of the Americans with Disabilities Act of 1990 may request one by contacting Cynthia Guider at (626) 564-6000, x3327 from 8:30 a.m. to 5:00 p.m. Monday through Friday, but no later than 48 hours prior to the time the meeting is to commence.

3/18/09