Representatives from BDO, Crowe, KPMG and Plante Moran told the CalPERS Risk and Audit Committee on the day’s panel that continuity among audit staff, specialized experience with large public pension systems, and investments in technology are the principal reasons each firm should be selected as CalPERS’ external auditor. The interviews included five‑minute opening presentations followed by a 45‑minute question‑and‑answer session with committee members.

The competing teams each stressed different strengths: BDO framed its pitch around a six‑year prior relationship with CalPERS and said its recently adopted ESOP ownership model reduces staff turnover; Crowe highlighted audits of two of the four next‑largest U.S. public retirement systems and a centralized alternative‑investment team; KPMG underscored its technology platform and said it audits 11 public pension systems with assets above $10 billion; Plante Moran emphasized a partnership ownership model and decentralized access to specialists across the firm. Steven Shill, a BDO board member, summarized his firm’s theme as “trusted assurance into the future, value focus and innovation driven.”

Why it matters: CalPERS is the largest public pension system in the U.S. and the committee said it needs an auditor with industry familiarity, capacity to handle complex investments and the project management systems to deliver timely audits. Several presenters said continuity in key engagement personnel is essential for audit quality and efficiency in large, complex plans.

Key claims and context: BDO’s team repeatedly cited six years of service to CalPERS and described proprietary pricing and confirmation tools the firm uses to audit marketable and commingled assets; the firm also noted a BitSight cybersecurity ranking in its materials. Crowe showcased a centralized alternative‑investments center and client portals designed for multi‑employer census work. KPMG offered its KPMG Clara platform and an “audit life cycle” process that sets hard internal milestones during the year; the firm said it currently audits 11 public pension plans with investable assets over $10 billion. Plante Moran emphasized having in‑house actuaries and valuation specialists embedded on teams and said it is 100% partner‑owned, a point presenters linked to long‑term independence and stability.

What the candidates did not do: No firm committed to specific policy changes for CalPERS; none announced fee‑level changes during the interviews. When asked about deeper work on investment fees, several firms said they could add targeted procedures at the committee’s request but that GASB and industry disclosure practices define minimum reporting requirements.

Next steps: The committee is conducting interviews with multiple firms and will later evaluate proposals, references, staffing plans and technical approach before making a recommendation on the auditor selection.

Details: Each firm’s presentation was followed by a 45‑minute Q&A; BDO repeatedly referenced its five‑year proposal and six years of service; KPMG described a multi‑milestone audit life cycle that aims for significant completion milestones by June 30 each year.