Issue - meetings

Officers submitted details of the audit plan for the 2015/16 Pension Fund Accounts. This year would be the first year when the accounts would be audited by Ernst & Young LLP.

In the planning stage Ernst & Young had identified one significant risk i.e. the risk of management override of controls. Their Approach to this would be as follows:

·         Testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in preparation of the financial statements;

·         Reviewing accounting estimates for evidence of management bias; and

·         Evaluating the business rational for significant unusual transactions.

This approach was similar to that adopted by the previous auditors.

The indicative fee for the audit was £21,000, identical to last year’s fee.

We have noted the report and timetable.