Proposed Audit Plan for Fiscal Year and Preliminary Audit Plan for Fiscal Year
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1 Page 1 of 13 Proposed Audit Plan for Fiscal Year and Preliminary Audit Plan for Fiscal Year A June 2015
2 Page 2 of 13 Table of Contents Section I FY Proposed Audit Plan Pension and Health...1 Investments...2 Information Technology...3 Enterprise-Wide/Other Audit Activities...4 Section II FY Proposed Audit Plan and FY Preliminary Audit Plan Pension and Health...6 Investments...7 Information Technology...8 Enterprise-Wide/Other Audit Activities...9
3 Section I FY Proposed Audit Plan Agenda Item 7a - Attachment 1 Page 3 of 13
4 Page 4 of 13 FY Proposed Audit Plan Auditable Activity PENSION AND HEALTH Strategic goal A objective: educate employers and other stakeholders to make informed decisions about retirement security and health care Public agency compliance reviews (100 standard + 25 targeted reviews) Census data reconciliation between my CalPERS and Actuarial Valuation System Government Accounting Standard Board (GASB) Statement No. 68 audit coordination Coordination for parallel valuation and certification services - State, public agency, Judges Retirement System (JRS), Judges Retirement System II (JRSII), Legislators Retirement System (LRS), and 1959 survivor benefits program (SBP) Refunds Judges Retirement System (JRS) Administration of Old Age and Survivors' Insurance (OASI) program Health premium receipts and disbursements for flex-funded health plans Audit Objective To identify and assess the internal control framework utilized to ensure achievement of the strategic objective - educate employers and other stakeholders to make informed decisions about retirement security and health care. To assess the accuracy of membership, payroll, and census data reported to CalPERS by employers contracting with CalPERS. To assess the completeness and accuracy of member data extracted from my CalPERS and used for actuarial valuations. To coordinate activities related to GASB 68 audit. (GASB 68 audit is performed by the Board s independent auditor, covering contributions, benefit payments, census data, and pension liabilities) To coordinate activities related to parallel valuation and certification services for State, public agency, JRS, JRSII, LRS and 1959 SBP. (Parallel valuation and certification services are performed by the Board s independent actuary, covering calculations of actuarial valuations) risks associated with refunds. risks associated with the JRS. risks associated with Federal OASI program. risks associated with receipts and disbursements of health premiums for flex-funded plans. 1
5 Page 5 of 13 FY Proposed Audit Plan Auditable Activity PENSION AND HEALTH (continued) Contingency Reserve Fund (CRF) Audit Objective implemented to mitigate reporting and compliance risks associated with CRF. Health plan contract compliance reviews (2) Long Term Care (LTC) program administration Coordination for parallel valuation and certification services (LTC program). Other Post Employment Benefits program (consulting) Protection of health-related information (HIPAA) Rate development for Health Maintenance Organizations (HMO) Review of third party administrator for self-funded program (finalize prior year) User entity control review - health INVESTMENTS Real assets investments financial reporting Real assets external manager reviews (8) Global equity program To assess whether the health plan is in compliance with specific provisions of Public Employees Medical and Hospital Care Act (PEMHCA) and the agreement with CalPERS. risks associated with LTC program. To coordinate activities related to parallel valuation and certification services for LTC program. To participate in discussions with program and external auditors on Governmental Accounting Standards Board statement implementation and other areas as needed. implemented to protect health-related information. To assess whether the rate development processes for HMO plans are consistent and reasonable. To evaluate whether Anthem Blue Cross complies with specific provisions of PEMHCA and the agreement with CalPERS. To assess the effectiveness of controls specified and relied upon by CalPERS health-related service providers. To assess the adequacy of controls implemented to mitigate risks of inaccurate reporting on real asset values. To plan, coordinate, and manage real assets compliance audits. (Real assets compliance audits are performed by contracted auditors.) risks associated with global equity program. 2
6 Page 6 of 13 FY Proposed Audit Plan Auditable Activity INVESTMENTS (continued) Private equity external manager reviews (2) Targeted investment program Investment commitment disclosures User entity control review - Investment INFORMATION TECHNOLOGY Cyber threats assessment and management review Network security management review Management of aging infrastructure IT asset management - software risk assessment (consulting) IT asset management - hardware my CalPERS user access controls review Remote access control review Patch management review (finalize prior year) Audit Objective To assess private equity external managers' compliance with operating agreements and specific CalPERS investment policies. implemented to mitigate operational and reporting risks associated with targeted investment program. To assess the adequacy of controls implemented to mitigate financial reporting risks associated with investment commitment disclosures. To assess the effectiveness of controls specified and relied upon by CalPERS investment-related service providers. To identify and assess the control framework utilized by the Information Security function to assess, mitigate, and respond to cyber security risks. To evaluate the effectiveness of network security management, with a focus on structure, process, policies, procedures and management monitoring. To evaluate the management of IT equipment life cycle to mitigate operational risks. To assess CalPERS software management practices and controls implemented to minimize operational, reporting, and compliance risks. To evaluate the adequacy and effectiveness of controls implemented to manage information technology (IT) hardware assets. To assess the appropriateness of access rights granted to internal my CalPERS users. To assess the effectiveness of controls designed to reduce remote access risks. To evaluate the design and implementation of desktop and server patch management practices. 3
7 Page 7 of 13 FY Proposed Audit Plan Auditable Activity Audit Objective INFORMATION TECHNOLOGY (continued) PeopleSoft Human Capital Management (HCM) system ENTERPRISE-WIDE/OTHER AUDIT ACTIVITIES Strategic goal B objective: actively manage business risks with an enterprise-wide view To evaluate the adequacy and effectiveness of controls implemented to protect the privacy and integrity of information stored in PeopleSoft HCM. To identify and assess the internal control framework utilized to ensure achievement of the strategic objective: actively manage business risk with an enterprise-wide view. Strategic goal C objective: clarify and communicate CalPERS perspective on pension, health, and financial markets Management of administrative expenses Coordination for financial audits Board election (consulting) Internal control over financial reporting Consulting engagements Quality assurance and improvement program - internal assessment Quality assurance and improvement program - external assessment Enterprise-wide risk assessment and audit planning To identify and assess the internal control framework utilized to ensure achievement of the strategic objective: clarify and communicate CalPERS perspective on pension, health, and financial markets. risks associated with administrative expenses. To coordinate activities related to the audit of CalPERS Basic Financial Statements. (Financial audit is performed by the Board s independent auditor.) To serve as an independent observer during ballot processing and counting activities. Identify opportunities to strengthen the process. To assess proper classification of PERF funds. To perform consulting engagements based on management s ad hoc requests. To conduct a self-assessment and evaluate OFAS' conformance with the Definition of Internal Auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing. To coordinate an external review of OFAS' conformance with the Definition of Internal Auditing, the Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing. To conduct risk assessments and prepare a risk-based audit plan for fiscal year and a preliminary audit plan for fiscal year
8 Page 8 of 13 FY Proposed Audit Plan Auditable Activity Audit Objective ENTERPRISE-WIDE/OTHER AUDIT ACTIVITIES (continued) Quarterly status reports To monitor audit progress and resolution of outstanding audit issues and prepare quarterly status reports to the Risk and Audit Committee. 5
9 Page 9 of 13 Section II FY Proposed Audit Plan and FY Preliminary Audit Plan
10 Page 10 of 13 FY Proposed Audit Plan and FY Preliminary Audit Plan Auditable Activity FY 15/16 FY 16/17 PENSION AND HEALTH Strategic goal A objective: educate employers and other stakeholders to make informed decisions about retirement security and health care Public agency compliance reviews (100 standard + 25 targeted reviews) Census data reconciliation between my CalPERS and Actuarial Valuation System Government Accounting Standard Board (GASB) Statement No. 68 audit coordination Coordination for parallel valuation and certification services - State, public agency, Judges Retirement System (JRS), Judges Retirement System II (JRSII), Legislators Retirement System (LRS), and 1959 survivor benefits program (SBP). Refunds Judges Retirement System (JRS) Administration of Old Age and Survivors' Insurance (OASI) program Health premium receipts and disbursements for flex-funded health plans Contingency Reserve Fund (CRF) Health plan contract compliance review (2) Long Term Care (LTC) program administration Coordination for parallel valuation and certification services (LTC program) Other Post Employment Benefits program (consulting) Protection of health-related information (HIPAA) Rate development for Health Maintenance Organizations (HMO) 6
11 Page 11 of 13 FY Proposed Audit Plan and FY Preliminary Audit Plan Auditable Activity FY 15/16 FY 16/17 PENSION AND HEALTH (continued) Review of third party administrator for self-funded program User entity control review - health Employer contracts Death benefits Disability retirement Service retirement Strategic goal B objective: deliver superior end-to-end customer service that is adaptive to customer needs Legislators Retirement System Member and employer contribution receipts and reconciliation Strategic goal A objective: ensure high-quality, accessible, and affordable health benefits/contract for health benefits Long Term Care third party administrator review Health premium receipts and disbursements for self-funded plan Health premium receipts and disbursements for non flex-funded health plans Health Care Decision Support System (Data extracts and analysis from HCDSS-data warehouse) INVESTMENTS Real assets investments financial reporting Real assets external manager reviews (8) Global equity program Private equity external manager reviews (2) Targeted investment program 7
12 Page 12 of 13 FY Proposed Audit Plan and FY Preliminary Audit Plan Auditable Activity FY 15/16 FY 16/17 INVESTMENTS (continued) Investment commitment disclosures User entity control review - Investment Private equity program Security lending Asset allocation Global fixed income program INFORMATION TECHNOLOGY Cyber threats assessment and management review Network security management review Management of aging infrastructure IT asset management - software risk assessment (consulting) IT asset management - hardware my CalPERS user access controls review Remote access control review Patch management review PeopleSoft Human Capital Management (HCM) system Configuration and change management Disaster recovery plan System development life cycle Business continuity planning Operating systems management and controls Physical security 8
13 Page 13 of 13 FY Proposed Audit Plan and FY Preliminary Audit Plan Auditable Activity FY 15/16 FY 16/17 ENTERPRISE-WIDE/OTHER AUDIT ACTIVITIES Strategic goal B objective: actively manage business risks with an enterprise-wide view Strategic goal C objective: clarify and communicate CalPERS perspective on pension, health, and financial markets Management of administrative expenses Coordination for financial audits Board election (consulting) Internal control over financial reporting Strategic goal B objective: recruit, retain, develop, and empower a broad range of talents against organizational priorities Strategic goal B objective: use a focused approach to generate, test, refine and implement new ideas Consulting engagements Quality assurance and improvement program - internal assessment Quality assurance and improvement program - external assessment Enterprise-wide risk assessment and audit planning Quarterly status reports 9
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