External auditors give PERS a clean opinion; committee approves ACFR and audit report

Brad Burrows, engagement partner for the external audit, presented the annual comprehensive financial report and related auditor communications. He reported an unmodified ("clean") opinion, said there were no independence issues, and noted one pass-through reversal from a prior year that produced a $318,000 impact in the current year for the muni plans. Burrows described significant estimates reviewed (alternative investments valuations and net pension liability inputs) and the audit procedures performed to test those items.

Burrows reported investment performance for the fiscal year and the actuarial/assumption reviews that informed the audit opinion. He said auditors provide "reasonable assurance" but not absolute assurance and emphasized management's responsibility for the financial statements and controls.

After the presentation staff motioned to approve the ACFR and the external audit report. The committee moved, seconded and approved both items by voice vote; the transcript records the chair saying "the ayes have it."

The presentation and the vote were procedural and produced no dissent in the recorded transcript.