An IMRF Audit


You are being audited -- now what?

First, do not panic! An audit does not mean you are doing anything wrong—it is an opportunity to confirm compliance with the provisions of the Pension Code and is considered best practice for public pension funds. This aligns with IMRF’s mission of providing income protection to members and their beneficiaries.

Selection of employers to be audited is completed in December prior to the upcoming audit year. For this selection, factors such as the date of the last IMRF audit, field representative territory, and type/size of employer are considered. The number of employer audits to be performed each year is approved by the IMRF Audit Committee (of the Board of Trustees). IMRF audits approximately 200 employers each year.

The most successful employer audits are those in which the employer (you and your organization) and IMRF (through its Internal Audit team) have a collaborative and constructive working relationship. Our objective is to involve you at every stage of the audit so you understand what is being done and why.

The audit timeline

A typical employer audit conducted in the field, will last 1 – 3 days, but this can vary depending on the size of employer and complexity of the audit. We will provide a tentative timeline at the beginning of your audit. You can help meet the timeline by ensuring our audit team has prompt access to the people and documentation we need to complete the review. We make every effort to limit disruptions to your ongoing activities.

The Audit Process

The audit process generally includes four phases: Planning, Fieldwork, Reporting, and Follow-up.

The Audit Process


    Three weeks before the first day of fieldwork, an appointment letter is issued by the lead auditor via email. This email will include the following documents: Employer Audit Questionnaire, Employer Audit Document Checklist, IMRF Wage Reconciliation, and instructions of how to send all requested items through the online secure message tool via Employer Access.

    How do I prepare for an audit?


    This process takes 1-3 days. Auditors complete the audit program by testing your entity’s payroll and financial records to validate proper enrollment, wage reporting, and use of IMRF tax levy monies. The testing of these areas may be performed either on-site (at your location) or remotely from the IMRF Oak Brook office. The Exit Interview is typically during our last day of fieldwork. We will meet with you (in person or through a phone call) to provide a preliminary summary of all of our audit findings and observations.


    We will prepare a formal audit report based on the findings discussed during the exit interview. This report will be emailed to you with instructions for resolving any identified issues within two weeks of completion of the audit testing.


    Your entity will provide a written action plan for each audit finding including planned corrective actions and responsible personnel within two weeks of the date on the audit report.

    Post-Audit Survey

    We value the opinion of our employers. After we have issued your audit report, we will ask you to complete an electronic feedback survey about the service we provided. Your input helps internal audit continually evaluate the quality of our audit services and identifies ways to improve our service to better serve you.