Decision details

Robin Baker, Director and Engagement Lead and Angela Pieri, Engagement Manager, representing Grant Thornton, the county council's external auditors, presented the audit findings for Lancashire County pension fund.

The following key messages were highlighted:

·  The report presented a summary of the findings and conclusions of the pension fund audit for 2018/19. There was a classification adjustment of the primary statements of £10.8 million which did not impact the bottom line figures.

·  All the required verifications of the various investments within the fund had been obtained.

·  As a result of the previously explained McCloud legal judgement, a £64 million increase had been made to the promised benefits note to reflect the most likely impact.

·  As with the Council's audit there had been good cooperation between the officers and the audit team.

·  Subject to the committee's approval, the auditor's intention was to issue an unqualified opinion on the financial statements of the pension fund for 2018/19. It was confirmed that an unmodified opinion would also be issued for the annual report and the annual governance statement.

Resolved: That the adjustments to the financial statements and the other issues raised by the auditor as set out in the report be noted.