Audit Committee Holds Risk Assessment and Audit Plan Review

In Uncategorized by Juliette Alldredge

The Board of Trustees Audit Committee of the Alaska Permanent Fund Corporation (APFC) held a virtual meeting via webinar on Thursday, June 6, 2024. The committee members met with KPMG, the Corporation’s auditors, to review the risk assessment and annual audit plan.

“It is our mission to maintain the highest standards of financial integrity by providing our stakeholders in Alaska and beyond with transparent and clear insights into our operations and performance,” remarked Committee Chair Adam Crum. “We greatly value the ongoing support provided by KPMG.”

In line with state statutes and our commitment to transparency, APFC is audited annually by an independent outside financial auditor. Since the corporation’s establishment in 1980, APFC has utilized a third party to conduct annual audits.

During the meeting, Val Mertz, Chief Financial Officer, and Jacki Mallinger, Senior Portfolio Accountant II, provided an overview of the Fund’s year-to-date financial results. Additionally, Sebastian Vadakumcherry, Chief Risk & Compliance Officer, joined by Mertz, presented APFC’s Enterprise Risk Management (ERM) framework of APFC’s internal controls review. The presentation highlighted key takeaways and possible next steps, including engaging an external advisory firm to review its ERM framework, expanding upon operational risk controls and mitigation, identifying shortfalls, and recommending solutions. APFC is committed to ongoing review and updates regarding the risk management framework.

Read the full press release here.