08/10/2001 03060

INVESTMENT AUDIT SPECIALIST (SERS)

DEFINITION: This is professional investment accounting and auditing work in the State Employees' Retirement System.

An employee in this class focuses on the analyses, classification, reconciliation, and reporting of complex investment transactions involving various income and asset categories. These transactions include, but are not limited to the following asset classes: real estate, domestic equities and fixed income, global equities and fixed income, venture capital, private placements and currency forwards. Work involves performance of extensive and complex investment accounting and auditing. Major responsibilities involve the analysis of accounting standards, operating procedures, systems, and controls for new and evolving investment instruments. Work is performed with considerable independence and latitude with general guidelines and is subject to supervisory and/or independent auditor's general review for effectiveness and compliance with Generally Accepted Accounting Principles (GAAP) and SERS investment guidelines.

EXAMPLES OF WORK: Recommends and implements approved operating procedures and controls for investment accounting that are in compliance with GAAP and SERS investment guidelines.

Analyzes a variety of complex investment reports from the sub-custodial banks and external managers.

Analyzes a variety of complex audit reports of investment activity from subcustodial banks and external managers.

Responsible for the analysis and reconciliation of multiple sources of investment financial transactions and reports.

Responsible for the analysis, classification, and reconciliation of investment general ledger accounts.

Prepares complex investment accounting financial reports.

Coordinates with sub-custodial banks, Treasury Department, and external managers and consultants regarding quarterly performance reports and other information required to generate investment financial reports.

INVESTMENT AUDIT SPECIALIST (SERS)

Analyzes a variety of "Statements on Auditing Standards" to determine their applicability to work performed by investment managers, consultants, and custodians.

Employees in this class may participate in the performance of their subordinates' work consistent with operational or organizational requirements.

Performs other related work as required.

REQUIRED KNOWLEDGES, SKILLS, AND ABILITIES: Knowledge of investment accounting principles and procedures for a variety of complex investment asset transactions inclusive of various income and asset classes.

Knowledge of generally accepted accounting principles and practices and the application to investment accounting.

Knowledge of generally accepted auditing standards and the application to investment operations.

Skill in analyzing complex investment transactions and reports to prepare financial reports for a variety of investment income categories and asset classes.

Skill in reconciling multiple sources of investment financial transactions.

Ability to evaluate, develop, and implement new investment accounting controls and procedures for a wide variety of complex asset classes.

Ability to apply GAAP and SERS investment guidelines in the classifying, recording and reconciling of accounting journal entries and financial activity.

Ability to communicate effectively both verbally and in writing with senior management, investment managers, consultants, etc.

Ability to make effective financial presentations to a variety of investment professionals.

Ability to develop an understanding of EDP systems and the interface with investment accounting.

INVESTMENT AUDIT SPECIALIST (SERS)

Ability to learn and apply advanced spreadsheet and word processing software and applications.

MINIMUM EXPERIENCE AND TRAINING: Four years of a combination of professional accounting and auditing experience which includes at least two years of investment accounting and investment auditing experience, one year of which included experience in domestic fixed income, equities, real estate, or derivative asset classes; and a bachelor's degree which included or was supplemented by fifteen credits in accounting;

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An equivalent combination of experience and training, which included at least two years of professional investment accounting and investment auditing experience, one year of which included experience in domestic fixed income, equities, real estate, or derivative asset classes and fifteen credits in accounting.

A Master's Degree in Accounting, Certification as a Public Accountant (CPA) or Certification as a Management Accountant (CMA) may be substituted for one year of general accounting or auditing experience.