Issue - meetings

EXTERNAL AUDIT STRATEGY MEMORANDUM FOR WEST YORKSHIRE PENSION FUND

Meeting: 26/07/2018 - West Yorkshire Pension Fund Joint Advisory Group (Item 11)

11 AUDIT COMPLETION REPORT YEAR ENDING 31 MARCH 2018 pdf icon PDF 70 KB

The Director, West Yorkshire Pension Fund will submit the Audit Completion Report which sets out the findings from the audit of the West Yorkshire Pension Fund for the year ended 31 March 2018 (Document “F”).

 

The audit has been completed in accordance with the International Standards of Auditing (UK and Ireland) issued by the Audit Practices Board.

 

Recommended –

 

That the Audit Completion Report, Appendix to Document “F”, be noted.

 

(Sharon Liddle – 0191 3836311 )

Additional documents:

Decision:

Resolved –

 

That the Audit Completion Report, Appended to Document “F”, be noted.

 

ACTION: Director, West Yorkshire Pension Fund

 

(Sharon Liddle – 0191 3836311)

 

Minutes:

The Audit Completion Report (ACR), (Document “F”) set out the findings from the audit of the West Yorkshire Pension Fund for the year ended 31 March 2018, and would form the basis for discussions at the Governance & Audit Committee meeting on 30 July 2018.

 

The Audit Manager for WYPF from Mazars LLP, addressed the meeting and explained that the audit had been completed in accordance with International Standards of Auditing (UK and Ireland) issued by the Audit Practices Board.  The work was substantially complete but some areas of work were still continuing as set out in the Executive Summary on page 4 of the report. The statutory deadline for completing the audit was 31 July.

 

The report revealed that a trivial threshold, the level under which individual errors were not communicated to the Governance and Audit Committee, was set at £4m.  A Member questioned if the Governance and Audit Committee would monitor if cumulatively that amount was exceeded.  Assurances were provided that the phrase error was a term for discrepancy and that the Director, West Yorkshire Pension Fund, would be aware, and take action, on discrepancies below that amount.  There was no trivial threshold permitted for fraud.

 

Resolved –

 

That the Audit Completion Report, Appended to Document “F”, be noted.

 

ACTION: Director, West Yorkshire Pension Fund