RFP: Financial Auditor Search

The Los Angeles County Employees Retirement Association (LACERA) is requesting proposals from qualified firms interested in providing financial auditing services. LACERA is requesting proposals from qualified auditing firms to perform financial auditing services for LACERA’s Retirement Plan and OPEB Program. The Los Angeles County Employees Retirement Association (LACERA) is seeking a certified public accounting firm to audit its annual financial statements for five fiscal years (FY 2026 – FY 2030) with an option to extend for two additional one-year terms.

Scope of Work for Financial Auditing Services

The selected Financial Auditor (AUDITOR) will provide the following services as outlined below.

Scope of Services – Assurance & Attestation

Financial Statement Auditing Services

Perform an audit and express an opinion on the fair presentation of LACERA’s annual financial statements, including the Pension Trust, the OPEB Trust, and the OPEB Custodial Fund.
Perform an audit and express an opinion on the fair presentation of the schedule of changes in fiduciary net position by employer for Los Angeles County's portion of the OPEB Trust.
Perform sample testing on disability retirements to ensure the processes and related Board determinations are compliant with Board policies. Provide a written report summarizing the work performed and findings.
Present audit results to the Audit, Compliance, Risk, and Ethics (ACRE) Committee.

GASB Disclosure Auditing Services

Perform an audit of schedules related to GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, and express an opinion on the fair presentation of these schedules.
Document the results in a written report.

Financial Statement Advisory Services

Review the Annual Comprehensive Financial Report against the guidelines for the Certificate in Excellence in Financial Reporting from the Governmental Finance Officers Association (GFOA).
Provide educational training on financial statements related topics to ACRE and LACERA staff, as needed.
Proactively evaluate and provide ACRE and LACERA staff with timely information on new developments, trends, or changes in the auditing and/or financial accounting standards relevant to LACERA, as needed.

LACERA Initial Readiness Assessment Review

Review and evaluate LACERA's internal controls over financial reporting using the COSO framework and provide feedback on identified concerns.
Obtain and document an understanding of the key Information Technology General Controls related to LACERA’s accounting system.
Identify value-added services that the audit firm believes would assist LACERA in maturing its financial statement process.

Special Ad-hoc Auditing Services

Perform special auditing projects as requested and defined by LACERA.

Scope of Services – Consulting

Non-attestation Consulting Services

Provide financial accounting consultation services to LACERA management on any technical, policy, or plan administration related to the Retirement Plan or OPEB during the course of operations.
Provide educational training on financial accounting to LACERA management on an as needed basis.
Proactively evaluate and provide LACERA management with timely information on new developments, trends, or changes in the financial accounting standards relevant to LACERA.

Special Ad-hoc Auditing Services

Perform special auditing projects as requested and defined by LACERA.

AUDITOR will coordinate with the external financial auditors of the County and with LACERA's actuary to provide the County with the information and data needed for accurate and timely completion of the County's annual financial statements. AUDITOR will comply fully with SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, and AU-C section 600, Audits of Group Financial Statements.

Submission Requirements

Respondents to this RFP must submit the following for delivery no later than 5:00 PM PST on June 25, 2025 to the Project Manager. below. Responses received after the specified deadline may be considered for evaluation solely at the discretion of LACERA. In addition, LACERA reserves the right to request additional information or clarifications from respondents, or to allow corrections of errors or omissions.

Contacts with LACERA personnel about this RFP, and all inquiries and requests for information shall be directed at the Point of Contact identified below:

Project Manager
Kristina Sun, Senior Internal Auditor
LACERA
300 N. Lake Avenue, Suite 840
Pasadena, CA 91101-4199
Phone: 626-657-6364
Email: ksun@lacera.com

Send an electronic copy in PDF or Microsoft Word format of the original and redacted responses, if applicable. If Respondent requires any confidential information to be exempt from public disclosure, then submissions should also include one electronic copy marked “REDACTED”. Questions Related to This RFP.

All questions received and responses thereto will be posted on LACERA’s website (www.lacera.com) under the "RFP Opportunities" section on or about 3:00 PM PST on June 11, 2025.

Tentative Timetable

LACERA RFP Issued: April 30, 2025
Submission – Letter of Intent to Respond: May 28, 2025
Submission – RFP Questions Deadline: June 4, 2025
LACERA Response to Written RFP Questions: June 11, 2025
Submission - RFP Response Deadline: June 25, 2025
Contact Respondents and Invitations to Interview, as Warranted: July 23, 2025
Audit Committee Final Selection and Approval: Mid-August 2025
Commencement of work (upon contract execution): October 2025