About the Audit Department

Beneficios por Incapacidad

Organization

Internal Audit, with strict accountability for confidentiality and safeguarding records and information, is governed by the Illinois Pension Code which gives IMRF the legal authority to audit employers.

Our Internal Audit department is headed by the Internal Audit Officer and comprised of a supervisor, two senior internal auditors, three internal audit associates and an internal audit support analyst. Our department is responsible for auditing employers through either remote audits or on-site visits to their respective payroll offices and for validating compliance with the Illinois Pension Code. Our department also audits IMRF’s internal operations, and validates compliance with policies and procedures, plans, external regulations and best industry practices. In addition, the Internal Audit department provides assistance to external auditors, offers consulting services to operational units and engages in other special projects.

The Internal Audit Officer reports functionally to the Audit Committee and administratively to the Executive Director. The Audit Committee will:

  1. Review and approve the Internal Audit Charter.
  2. Review the annual risk-based Internal Audit Plan.
  3. Receive communications from the internal audit officer on IMRF’s internal audit performance relative to its plan and other matters.
  4. Function as a communication link between the Board of Trustees, the external auditors, the internal auditors, and IMRF senior management.

Internal Audit Mission

The primary mission of the Internal Audit department is to increase assurance that IMRF’s assets are safeguarded via a sound system of internal controls and that compliance is maintained with prescribed laws, rules and policies prescribed by the Board of Trustees and the IMRF Executive Director. The mission of the Internal Audit department is to provide independent, objective assurance and consulting services that add value and improve the organization’s operations and accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

Goals and Objectives

  1. Audit IMRF employers either remotely or through on-site visits to their respective payroll offices, validating compliance with the Illinois Pension Code.
  2. Audit IMRF’s internal operations, ensuring compliance with policies and procedures, plans, external regulations and best industry practices.
  3. Provide assistance to external auditors.
  4. Offer consulting services to other operational units within IMRF and engage in other special projects.
  5. Train staff on audit-related issues and processes specific to IMRF’s benefits.
  6. Review and/or update testing policies and procedures annually to ensure effectiveness and efficiency of the audit process.
  7. Strive for 90% employer engagement in post-audit surveys.
  8. Follow-up on the implementation of audit recommendations.