3 PENSION FUND AUDIT PLAN 2015/16 PDF 98 KB
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Minutes:
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.