Internal Audit Assurance
Decision Maker: Pension Fund Committee
Decision status: Recommendations Approved
Is Key decision?: No
The Pension Fund Committee's terms of
reference include a requirement to monitor internal audit reports
relating to the Pension Fund: this report gives a summary of the
work done during 2018/19 and planned for 2019/20 including that for
Local Pensions Partnership Ltd by Deloitte LLP.
The Head of Internal Audit presented a report which summarised the work undertaken during 2018/19 and confirmed that follow up action from the previous year had been completed and substantial assurance was given in relation to oversight of the Lancashire County Pension Fund.
In considering the report the Committee noted the work to date by the internal auditor appointed by the Local Pensions Partnership and that some planned audits had not been completed. The Chair reported that the outstanding audits had been discussed with the Partnership and confirmed that he had received written confirmation that all seven audits had been completed. In view of the update it was proposed that the Head of Internal Audit review the findings of all the audits and present a further report to the Committee in September 2019 in order to give the Council an assurance on the administration and Investment operations of the Partnership.
Resolved: That the Head of Internal Audit review the findings of all seven audits of the Local Pensions Partnership referred to in the report and present a further report to the Committee in September 2019 in order to give the Council an assurance on the administration and Investment operations of the Partnership.
Report author: Ruth Lowry
Date of decision: 21/06/2019
Decided at meeting: 21/06/2019 - Pension Fund Committee