Issue - meetings

[To present the plan for the external audit of the Fund’s Annual Report and Accounts for 2018/2019]

Jill Davys, Assistant Director – Investments and Finance presented a report on the Fund’s external auditors (Grant Thornton’s) plan for the audit of the Fund’s Annual Report and Accounts for 2018/2019.  The external auditor had produced a document ‘Informing the Audit Risk Assessment’, that set out some of the potential areas of risk with regard to the Annual Report and Accounts. The document provided management responses to a number of questions posed by the auditor, and the Committee was invited to consider whether the responses were consistent with its own understanding, and whether it had any further comments to make on the matters.

Commenting on the level of materiality as determined by the external auditors, Malcolm Cantello (Unison) said that he did not know of any organisation whose materiality level was set at such a high level. He also commented that the figure of £5.5 million for ‘clearly trivial’ was not trivial.  The Chair commented that it was an external audit benchmark.  Any issues identified below the materiality level would be picked up through internal audit process and addressed.

Resolved:

1.    That the management responses to questions from the external auditors, Grant Thornton LLP, as part of their audit planning be approved.

2.    That authority be delegated to the Chair of Pensions Committee to approve the final publication of the 2018/2019 Annual Report and Accounts following audit in July and approval of the draft Report by Committee in June 2018.

3.    That the external audit plan for the 2018/2019 Annual Report and Accounts as prepared by Grant Thornton be noted.