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Sheet1 Page 1 BACKGROUND: The Fire Fighters and Police Officers (F&P) Pension Fund is administered by a board of trustees which is comprised of nine members. The trustees consist of three police officers elected by the police membership membership All retirements are approved by the Board of Trustees. There are two general types of retirements service, and (2) disability. Length of service retirements are approved when requirements for retirement have been met and has been requested by a member. Disability retirement requires physical evaluation by three physicians (paid by the Pension Fund). The physicians' evaluations are provided to the Board for consideration regarding the disability request. The nature of the Fire and Police occupation dictates that there is a good probability that retirement results from a disability obtained on the job. Approximately 35-40% of the retirements are line of duty connected. Normal administrative and fiscal operations are performed by an Executive Secretary and an Administrative Assistant. They administer a fund valued at approximately $_____ million and effect retirement payments to more than _____ individuals. SCOPE: This audit is limited to verifying that pension recipients are in fact city retirees or beneficiaries of city retirees. In addition, we plan to test pension benefit calculations. We do not plan to confirm the existence of pensioners in this audit because it is done continuously by the Pension Office under our supervision. In addition, we will not perform a review of the funds actuarial condition, this is done by the city's external auditors annually. The audit period is for retirements that have occured in the last 12 months. PLANNING: Pension Board and the Executive Secretary. 2. Prepare a planning program and include a time budget to cover the preliminary work. 3. Conduct an in-house review of the following: A. F&P Pension Fund financial statements for the last few years.
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Sheet1 Page 2 B. Prior internal audit reports, and external auditor management comments regarding the Pension Fund. C. The Service Level Summary for the Pension Fund.
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This note was uploaded on 05/16/2011 for the course AUDITING 201 taught by Professor Unknown during the Spring '11 term at Symbiosis International University.

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