New Accounting Requirements (Attestation)
Under new requirements, the relief association’s annual financial reporting form will need to be attested to by a certified public accountant (CPA) using a process defined in State statute. An Agreed-Upon Procedures Engagement developed by the Office of the State Auditor (OSA) will provide the minimum procedures and reporting format that the relief association’s CPA will be required to follow during the engagement.
In addition to submitting the Agreed-Upon Procedures Report to the OSA, the CPA must sign the relief association’s annual financial reporting form. The Report and signed reporting form are due to the OSA annually by March 31.
Final copies of the Agreed-Upon Procedures Guide and Sample Independent Accountant’s Report are available in both MS Word and PDF versions on the OSA website.
Published last in the January 2016 Pension Newsletter