Financial and Compliance Audit of the Colorado Public Employees' Retirement Association

Colorado Office of the State Auditor

Buyer is soliciting proposals for a financial and compliance audit of the Public Employees' Retirement Association of Colorado (PERA) for the year ending December 31, 2025. PERA administers multiple pension plans and healthcare trust funds with total combined assets of $84.1 billion. The audit includes examining financial statements, testing internal controls, and verifying compliance with laws and regulations. The successful contractor will issue multiple reports and present findings to legislative committees.

• 7/10/2025 - Prospective bidders' inquiry deadline
• 7/30/2025 - OSA response to inquiries deadline
• 8/15/2025 - Proposal Due Date
• 9/5/2025 - Approximate bid selection date
• 9/22/2025 - Approximate contract date
• 3/2/2026 - IT controls testing completion
• 6/1/2026 - Draft report completion
• 6/15/2026 - Final audit report delivery

• Licensed certified public accounting firm authorized to practice in Colorado
• Participated in a quality control review within past 3 years
• No past history of substandard work
• Independent for this audit engagement
• Lead partner has not performed audit services beyond 5 years within 10-year period

• Audit combined statements of net position for all Divisions and Funds of PERA
• Issue report on financial statements with independent auditors' report
• Audit schedules of employer allocations for pension and OPEB plans
• Test census data with representative group of contributing employers
• Review PERA's compliance with state and federal laws
• Evaluate implementation of prior audit recommendations
• Prepare findings and recommendations for operational improvements
• Test internal controls over key information technology systems
• Provide testimony before the Legislative Audit Committee
• Present to PERA's Audit Committee three times annually