Decision details

External Audit - Lancashire County Pension Fund Audit Plan 2014-15

Decision Maker: Audit, Risk and Governance Committee

Decision status: Recommendations Approved

Is Key decision?: No

Decisions:

The Committee considered a report on the External Audit Plan for the audit of the Pension Fund for 2014/15.

 

The Audit Plan set out the main risk areas which the audit would focus on and how the audit team plans to obtain the necessary assurances, including:

 

  The two default risks as highlighted in ISA+315 applicable to all audits on the revenue cycle includes fraudulent transactions and management override of controls;

 

  The risk of incorrect valuations on Level 3 investments, which by their nature required a significant degree of judgement to reach an appropriate valuation at year end; and

 

  Other key risks areas around member data, investments, contributions and benefits payable.

 

The Committee noted that the fee for the audit of the Pension Fund had been set at £35,906 and that the fee was the same as that charged in 2013/14.

 

The Committee also noted that the Plan had been reported to Council's Pension Fund Committee on 27 March 2015 and that the Committee had raised no comments. 

 

The Committee was informed that the Pension Fund Committee at its meeting on 2 July 2015 would be considering an update on the creation of an Asset and Liability Management Partnership with the London Pension Fund Authority.  A decision on whether to proceed with the development a detailed business case would be determined at that meeting.  It was confirmed that External Audit had been in regular discussions with council officers on this matter and that these would continue should the Pension Fund Committee agree to proceed to the next stage.

 

Resolved:  That the External Audit Plans for the audit of the County Pension Fund for 2014/15, and the fees therein, be agreed.

Date of decision: 30/06/2015

Decided at meeting: 30/06/2015 - Audit, Risk and Governance Committee

Accompanying Documents: