14 MAZARS EXTERNAL AUDIT REPORT TO JAG 
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The report of the external auditors (Mazars) (Document “I”) will be submitted to provide Members with the Draft Audit Strategy Memorandum (ASM) which sets out the plan for the external audit of the West Yorkshire Pension Fund for the year ended 31 March 2022.
Recommended –
That the report be noted.
(Cameron Waddell – 0191 383 6300)
Additional documents:
Decision:
Resolved –
That the report be noted.
ACTION: Director, West Yorkshire Pension Fund
Minutes:
The report of the external auditors (Mazars) (Document “I”) was presented to provide Members with the Draft Audit Strategy Memorandum (ASM) which set out the plan for the external audit of the West Yorkshire Pension Fund for the year ended 31 March 2022.
The Draft Audit Strategy Memorandum was appended to the report. As this was a lengthy document salient points were highlighted and Members provided with an opportunity to raise any questions on the document.
It was explained that fieldwork on the ASM was ongoing.
Significant risks identified included management of override of controls and valuation of investments within level 3 of the fair value hierarchy.
An enhanced risk was reported as valuation of investments within level 2 of the fair value hierarchy.
Members were assured that further testing would be carried out on those risks.
Audit fees were to be confirmed as it was preferred to consider the additional work required before those fees were stated.
Materiality levels were those identified at the planning stage and the percentage to be used was consistent with the sector in prior years.
The draft statement had been received and amendments were reported.
Resolved –
That the report be noted.
ACTION: Director, West Yorkshire Pension Fund
