Analyzing the annual reports of the nation's largest public defined benefit funds reveals a variety of auditor types is used. Around 60% of funds used a smaller for-profit firm, 24% of funds used a Big Four firm and around 16% used a state auditor. The 10 largest funds analyzed used Big Four accounting firms and state auditors more heavily. Only the California Public Employees' Retirement System and California State Teachers' Retirement System retained a smaller for-profit accounting firm. By net assets of their public fund clients, smaller accounting firms had around 46% of the market, Big Four firms had around 29% of the market and state auditors accounted for about 25% of the market.
In terms of individual firms, KPMG LLP had the most clients and assets among the public defined benefit funds analyzed. The firm audited the financials for 18 of the largest public defined benefit pension funds all across the country, with an aggregate $570 billion in net assets. CliftonLarsonAllen LLP was second with eight clients and $247 billion in aggregate assets. Macias Gini & O'Connell LLP was third, with seven clients and $326 billion in aggregate assets. Six Macias Gini O'Connell clients are based in California, including CalPERS.