Arizona Office of the Auditor General, Phoenix, reissued an RFP for a firm to conduct a performance audit of the $33.7 billion Arizona State Retirement System and $7.9 billion Arizona Public Safety Personnel Retirement System, both in Phoenix.
The office originally issued an RFP in June due to the state requirement that a performance audit take place every 10 years. The office, however, did not receive any bids, said Laura Long, performance auditor, in an e-mail.
For the newly reissued RFP, Ms. Long said, “we toned down the independence requirement to reflect that some larger firms with multiple divisions could perform the work in the work statement without presenting an independence issue.” The office also sent RFPs to two dozen firms this month, compared to six firms in June “to ensure more potential firms would be aware of the opportunity,” she said.
The audit will determine the investment performance of both pension funds from 2005 to 2014 and “identify the causes for and impact of any underperformance and make recommendations for improving” performance, the RFP says.
The RFP is available on the auditor general’s website. Proposals are due at 5 p.m. MST on Sept. 24. A contract is expected to be awarded on Oct. 8. The final reports by the selected firm would be due on or before Sept. 30, 2015.