ABOUT LACERA

AUDIT COMMITTEE AGENDA 3-17-10

LACERA

300 N. Lake Ave., Suite 810
Pasadena, CA 91101

9:00 AM

2010 COMMITTEE MEMBERS

• Simon S. Russin, 2009 Chair
• John M. Barger
• Edward C. Morris
• Les Robbins
• Herman B. Santos
• Esteven R. Valenzuela

CONSULTANT

• Timothy O’Brien – Audit Committee Consultant

1. ELECTION OF AUDIT COMMITTEE CHAIR, VICE CHAIR, AND SECRETARY FOR CALENDAR YEAR 2010
2. APPROVAL OF THE MINUTES OF THE REGULAR AUDIT COMMITTEE MEETING OF DECEMBER 9, 2009
3. PUBLIC COMMENT
4. REPORTS
   1. Overview of LACERA’s Organization-Wide Risk Assessment
      • Richard Bendall, Chief, Internal Audit
      • Bernie Buenaflor, Principal Internal Auditor
      • Sarah, McFadden, Principal Internal Auditor

      (Memo dated March 3, 2010)

   2. Review of Risk Assessment Process
      • Sarah Marks, Principal Internal Auditor
      (Oral presentation only)
   3. Consolidation of Member Verification Functions
      • Richard Bendall, Chief, Internal Audit
      • Bernie Buenaflor, Principal Internal Auditor
      • Sylvia Botros, Internal Auditor
      (Memo dated March 3, 2010)
   4. Summary of Significant Work Completed / In-Progress Since Last Audit Committee Meeting (As of February 28, 2010)

      Richard Bendall, Chief-Internal Audit

      (Memo dated March 4, 2010)

   5. Report on the planned external audit of LACERA’s annual financial statements by Brown Armstrong, CPAs for the Fiscal Year Ended June 30, 2010.
      • David Redman, Senior Internal Auditor

      (Oral presentation only)

   6. Brown Armstrong – Private Equity Funds Auditor Verifications
      • Sarah Marks, Principal Internal Auditor

      (Memo dated March 3, 2010)

   7. Audit of the Princeville Hotel for Fiscal Year Ended June 30, 2009, Reznick Group PC management letter and communications with Cornerstone Real Estate Advisors, LLC.
      • Sarah Marks, Principal Internal Auditor

      (Memo dated March 3, 2010)

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

      No items to report.

5. ACTION ITEMS
   1. Recommendation as submitted by Richard Bendall, Chief-Internal Audit:

      Staff requests that your Committee approve the modified Fiscal Year 2009-2010 Audit Plan, with adjustments made to more accurately reflect actual work completed and the expected work to be completed by year end.

      (Memo dated March 4, 2010)

6. FOR INFORMATION ONLY

   No items to report.

7. CONSULTANT COMMENTS

   Timothy O’Brien – Audit Committee Consultant

   (Oral presentation only)

8. GOOD OF THE ORDER

   (For discussion purposes only)

9. 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.

3/9/10