Decision details

Karen Murray, director, Grant Thornton presented the External Audit Plan for the audit of the pension fund for 2015/16.

The Audit Plan set out the main risk areas which the audit would focus on including:

1.  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;

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

3.  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, the same as that charged in 2014/15.

Resolved: That the fees and External Audit Plan for the audit of the Lancashire County Pension Fund for 2015/16 as now presented be agreed.