Financial Audits of the Employees' Retirement System of the State of Hawaii

The Office of the Auditor, State of Hawaii, is commissioning a series of financial audits for the Employees' Retirement System (ERS) for the fiscal years ending June 30, 2025, 2026, and 2027. This requirement is driven by mandates from the Hawaii State Constitution and the Hawaii Revised Statutes, underlining the commitment to maintaining transparency and accuracy in the financial dealings of state departments and agencies. The contractor appointed for this task will be responsible for conducting these audits in alignment with the Government Auditing Standards set by the U.S. Government Accountability Office and the American Institute of Certified Public Accountants. Detailed audits will ascertain the fairness and propriety of ERS expenditures, the accuracy of revenue accounts, employer allocations, pension amounts, and assess the internal controls over financial reporting. The engagement will begin on June 1, 2026, and is set to conclude by May 30, 2029, allowing for a potential one-year extension upon mutual consent. The contractor will also help ERS prepare its financial reports in compliance with the Financial Accounting Standards Board guidelines. The audits will take place in Honolulu, Hawaii, reflecting a local focus on ensuring state-level compliance and operational efficiency. The financial valuation of this contract ranges between $500,000 and $1,500,000, underscoring the significant investment in upholding the fiscal integrity of the Employees' Retirement System. Lauren Kawajiri is the primary point of contact for this project at the Legislative Auditor Office in Hawaii.