When a pension scheme brings on an adviser, the general goals of that appointment tie up with the main aims of the scheme: bringing the best value for money for members.
When an auditor is brought on, this is generally not the main goal. Independent auditors are required to review the financial statements and the information used to prepare them, in order to give an audit opinion. This is a legal requirement, in order to ensure that the information shows a true and fair view of the position of a scheme.
An audit team will do this by gathering the information used to prepare the statements, requesting additional information on a sample basis, confirming things that may stand out, verifying certain transactions, and much more. The nature of the role can create a certain friction between an audit team and a scheme’s management. The common misconceptions of audit create a stigma that an auditor is there to look over your shoulder, or to catch you out on your mistakes. This is not true. Auditors should work with you for the common goal of completing and signing your accounts within the deadline.
At Assure UK, we pride ourselves on building strong working relationships with our scheme’s trustees and their advisers. We work with many advisers on a wide range of audits with great success. The relationships that we have built have allowed us to complete audits at great pace and efficiency, whilst maintaining a high standard of compliance with laws and regulations. We have worked closely with those concerned in order to refine our service to keep any friction to a bare minimum.
Despite the general misconceptions, we are here to work with you! If you feel that your auditors are not giving you this level of service, or you feel that your audit could be more efficient, please get in touch to see how we can help. You can reach us on 020 7112 8300 or email us on firstname.lastname@example.org.