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Commonwealth of Pennsylvania |
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POSITION DESCRIPTION FOR JOB POSTING |
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Position Number: 00101818 |
Description Activated On: 3/25/2026 8:09:02 AM |
Position Purpose: Describe the primary purpose of this position and how it contributes to the organization’s objectives. Example: Provides clerical and office support within the Division to ensure its operations are conducted efficiently and effectively. Performs advanced professional auditing work in support of the Pennsylvania Public School Employees’ Retirement System (PSERS or Agency) investment audit function. Contributes to the delivery of independent and objective assurance and advisory services designed to strengthen internal controls, enhance risk management practices, and support effective governance across the Agency’s complex institutional investment portfolio consisting of global public markets, private markets, real assets, and alternative investment strategies. This position functions as an experienced audit professional responsible for leading complex audit engagements, independently executing advanced audit procedures, and providing technical direction to less experienced staff. The role requires solid knowledge of institutional investment operations, investment accounting, valuation processes, and compliance frameworks. Engagements frequently involve highly structured investment vehicles, limited partnerships, complex fee arrangements, and valuation methodologies common to institutional asset management environments. Organizationally, this position reports to the Assistant Audit Executive – Investments and, through that role, to the Chief Audit Officer. |
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Description of Duties: Describe in detail the duties and responsibilities assigned to this position. Descriptions should include the major end result of the task. Example: Types correspondence, reports, and other various documents from handwritten drafts for review and signature of the supervisor. The Investment Audit Specialist performs advanced professional auditing work involving the planning, execution, and reporting of complex audits of the Agency’s global investment operations. Work includes development of risk-based audit programs, detailed workpapers, permanent files, and executive-level reports in accordance with professional auditing standards and fiduciary best practices. The position requires deep knowledge of institutional investment management, portfolio construction, trading strategies, alternative investment structures, valuation techniques, performance measurement methodologies, investment compliance frameworks, and investment accounting across multiple asset classes and jurisdictions. Detailed duties and responsibilities include, but are not limited to, the following: • Leads and conducts financial, operational, compliance, and information systems audits of investment functions, including front office trading and portfolio management, middle office risk and performance analytics, and back office accounting, custody, and settlement activities. • Evaluates complex investment structures and transactions across diverse asset classes, including public equities (domestic and global), fixed income and structured products, real estate, infrastructure, hedge funds, private equity, venture capital, private credit, derivatives, currency overlays, and other alternative investments. • Assesses investment valuation methodologies, fair value determinations, pricing controls, liquidity classifications, and performance attribution models to determine accuracy, transparency, and compliance with accounting standards and contractual agreements. • Reviews investment manager oversight processes, due diligence frameworks, side letters, partnership agreements, fee calculations (including management and performance/incentive fees), carried interest allocations, and expense reporting. • Evaluates the effectiveness of internal controls over trade execution, trade settlement, reconciliation processes, custodian relationships, performance reporting, portfolio rebalancing, counterparty risk management, and regulatory compliance. • Researches and interprets complex federal and state regulatory requirements, fiduciary standards, contractual obligations, industry guidance, and evolving market practices to assess compliance and identify emerging risks. • Conducts comprehensive risk assessments that incorporate market risk, credit risk, liquidity risk, operational risk, valuation risk, model risk, fraud risk, cybersecurity risk, and third-party/vendor risk. • Designs and executes sophisticated audit procedures, including substantive testing, data analytics, portfolio-level trend analysis, transaction lifecycle testing, fee recalculations, and control walkthroughs. • Utilizes advanced data analytics tools and techniques to analyze large and complex datasets, identify anomalies, evaluate patterns, and enhance the precision and efficiency of audit testing. • Serves as the audit engagement team leader on complex or high-risk investment audits, directing the work of assigned staff, periodically reviewing workpapers for quality and completeness, and ensuring engagements are completed within established timelines and budgets. • Exercises advanced professional skepticism and judgment in evaluating evidence, resolving complex accounting or valuation issues, and determining the materiality and significance of findings. • Develops comprehensive audit findings that clearly articulate root causes, quantify financial or operational impact where appropriate, and provide strategic, risk-based recommendations that are practical and aligned with fiduciary responsibilities. • Conducts entrance and exit conferences with senior investment management and maintains proactive communication throughout the engagement lifecycle. • Assists in presenting audit results to Executive Management and may present technical sections of reports to the Board of Trustees or relevant committees at the direction of the Assistant Audit Executive – Investments, clearly communicating complex investment risks in an understandable and actionable manner. • Contributes technical insight to the annual risk assessment process by identifying emerging investment risks and control themes observed during engagements. • Coordinates with external auditors, investment consultants, custodians, legal counsel, and other third-party service providers to ensure effective audit coverage and leverage existing oversight efforts. • Maintains strict confidentiality of sensitive fiduciary, market, and proprietary investment information. • Monitors engagement progress against approved audit plans and budgets and promptly communicates significant risks, control breakdowns, or emerging issues to the Assistant Audit Executive – Investments. • Communicates recurring control observations within assigned engagements to the Assistant Audit Executive – Investments for evaluation of broader risk implications. • Participates in special reviews, investigations, and advisory projects related to new investment strategies, emerging products, system implementations, or organizational initiatives. |
Decision Making: Describe the types of decisions made by the incumbent of this position and the types of decisions referred to others. Identify the problems or issues that can be resolved at the level of this position, versus those that must be referred to the supervisor. Example: In response to a customer inquiry, this work involves researching the status of an activity and preparing a formal response for the supervisor’s signature. The Investment Audit Specialist operates under supervision of the Assistant Audit Executive – Investments but is expected to perform with substantial independence and technical authority within assigned engagements. The position exercises independent professional judgment in: • Determining risk-based audit scope for complex and evolving investment strategies • Selecting and designing advanced audit procedures and analytical techniques • Assessing valuation methodologies and interpreting complex accounting standards • Evaluating control design and operating effectiveness across sophisticated investment processes • Determining materiality thresholds and risk severity • Resolving technical accounting, performance reporting, or compliance issues • Managing engagement resources, budgets, and timelines when serving as the audit engagement team leader • Communicating significant deficiencies, emerging risks, or control breakdowns to senior leadership While final reports are subject to supervisory review, the Investment Audit Specialist is relied upon for technical expertise, sound judgment, and high-quality work requiring minimal day-to-day oversight. The Investment Audit Specialist does not establish departmental audit priorities, approve the Annual Audit Plan, or determine enterprise-level audit coverage across the investment portfolio. |
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Requirements Profile: Identify any specific experience or requirements, such as a licensure, registration, or certification, which may be necessary to perform the functions of the position. Position-specific requirements should be consistent with a Special Requirement or other criteria identified in the classification specification covering this position. Example: Experience using Java; Professional Engineer License Experience: Licenses, registrations, or certifications: 1. N/A 2. N/A 3. N/A 4. 5. 6. |
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Essential Functions: Provide a list of essential functions for this position. Example: Transports boxes weighing up to 60 pounds.
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