Pension Fund Audit
Expert oversight for secure futures
Our seasoned team offers comprehensive audit and assurance services for various pension schemes, including defined benefit plans and Small Self-Administered Schemes linked to their sponsoring employers. We have the privilege of overseeing schemes with assets well into the tens of millions, catering to both active and deferred members.
We act for several defined benefit schemes. The largest has approximately 400 active and 400 deferred members with net assets of over £70 million. In addition, we act for a number of Small Self-Administered Schemes as a consequence of our position as auditors of their sponsoring employers.
Key services:
Audit expertise: The precision and proficiency necessary for pension fund audits are our hallmarks. We navigate the complexities of pension fund accounts with an informed approach, ensuring compliance and adding confidence to financial reporting.
Governance support: Fostering robust governance frameworks is essential. We assist trustees in meeting their responsibilities, providing them with insights that bolster decision-making processes.
Sector knowledge: Our understanding of the pension sector is ever-evolving, keeping pace with legislative shifts and regulator expectations. This positions us to offer proactive advice and stay ahead of trends.
Services tailored to trustees:
Risk analysis and control assessments: Addressing the unique risks that pension schemes face.
Regulatory Compliance: Ensuring that schemes comply with the latest regulatory requirements.
Transparent Reporting: Offering clear, precise communications to enhance trustee understanding and engagement.
Through our targeted pension scheme audits, trustees receive a service blend that speaks directly to their needs. We share our knowledge enthusiastically, pledging to provide a seamless audit experience that aligns with each scheme’s specificities. Our aim is to impart trustees with complete assurance, underpinned by the expertise that our team carries forward from years of dedicated practice.
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Audit process and planning
In our audit practice, planning is perhaps the cornerstone of an effective and comprehensive pension fund audit. It sets the stage for a targeted and efficient review process that aligns with the unique risk profile and operational characteristics of the fund.
Developing an effective audit plan
Planning: We initiate our audits with rigorous planning. This ensures that our activities are tailored to accurately assess the pension scheme’s financial statements. Every audit plan is crafted to mirror the complexities and specific nature of the pension fund in question.
Risk management: Risk assessment is embedded at the heart of our audit planning. We identify and focus on areas of the pension scheme that may present a higher risk of material misstatement. By doing so, our aim is to deliver an audit that is both effective and efficient.
Materiality: Determining materiality is a key aspect of audit planning. We set thresholds that guide the extent of our testing and help identify significant issues that could impact the financial statements’ users.
Audit: The audit itself is executed in accordance with the International Standards on Auditing (UK and Ireland). This means our approaches are not only systematic but also evidence-based, ensuring a robust and defendable audit outcome.
Trustees: It is of paramount importance that we work closely with the trustees of the pension scheme. Our communication is clear and ongoing throughout the audit process, ensuring trustees are informed and involved in each significant step of the audit.
Technical excellence and best practices
Excellence in pension fund audit hinges upon steadfast adherence to best practice and the continual refinement of technical expertise. In this domain, our mission encompasses not only the application of auditing standards but also the effective deployment of internal controls and proficient knowledge to ensure pension schemes are assessed with utmost efficiency and accuracy.
Innovations in auditing
We are cognisant of the dynamic nature of auditing standards, especially concerning pension schemes. To sustain technical excellence, we commit to incorporating advanced auditing technologies and methodologies. This approach facilitates the rigorous evaluation of schemes, ensuring that assets and liabilities are accurately reported.
Through continuous improvement, we enhance our internal controls and auditing procedures. Our objective is to provide transparent and reliable information to trustees and scheme members, reinforcing their confidence in the financial health of their pension fund.
To solidify our commitment to best practice, we regularly participate in expert-led training and professional development workshops. These sessions are instrumental in keeping us abreast of the latest auditing standards and regulatory requirements.
Our focus on excellence and efficiency, underpinned by a framework of robust internal controls, positions us as trusted specialists in the field. We leverage this expertise to conduct pension fund audits that stand up to scrutiny, supporting the sustainability of pension schemes and the financial futures they safeguard.
Support and advisory for pension scheme managers
We recognise the complexity inherent in managing pension schemes, and our team is dedicated to offering continual support and advisory services to scheme managers. Our comprehensive service includes:
Guidance on statutory accounts: We assist in interpreting and applying regulations to maintain compliance.
Newsletter and email updates: Clients are informed of the latest developments and changes in pension auditing standards.
Partnership approach with clients
Our ethos is built on forming robust partnerships with clients. This involves:
Collaborative problem-solving: We engage with client teams to understand specific needs and tailor our approach accordingly.
Streamlined communication: Clients regularly receive personalised reports that align with their expectations and support their strategic decisions.
By focusing on clear communication, we ensure that the trust and reliance placed on us by our partners are well-founded and maintained.
Meet the pension fund audit team
Our pension fund audit team is committed to safeguarding the futures of pension scheme members through meticulous oversight and comprehensive audit services.
With experience managing assets in the tens of millions, our team provides expert audits for a variety of schemes, including defined benefit plans and Small Self-Administered Schemes. We excel in ensuring compliance, enhancing financial reporting, and supporting robust governance frameworks. Our auditors are not only skilled in navigating the complex regulations of the pension sector but are also proactive in adapting to legislative changes and industry trends.
By offering tailored services that specifically address the needs of trustees, our team ensures precise, transparent reporting and strategic risk management, instilling confidence and securing the financial integrity of pension schemes.
Full spectrum support
Richardsons offers traditional expertise and modern insight to cater to the ambitious trajectory of your business, ensuring clarity, compliance, and success on your financial journey. Explore our comprehensive range of services.
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