Pension Scheme Auditing: should there be friction with my auditor?
The challenge of pension scheme auditing.
When a pension scheme brings on an advisor, 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 to action the pension scheme auditing, this is generally not the main goal.
The role of the Pension Scheme Auditor
Independent pension scheme auditors, in doing the job of pension scheme auditing 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.
A pension scheme auditing 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.
Friction through checking
The nature of pension scheme auditing can create a level of friction between the audit team and the pension scheme’s management.
The common misconception of the pension audit process, creates a view that the auditor is there to look over the pension scheme team’s shoulder, or to catch them out in their mistakes.
This is not true.
Pension scheme auditing is about working towards a shared goal
The team conducting the pension scheme auditing should work with the scheme’s trustees and advisers for the common goal of completing and signing their 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.
Our approach to the working relationships we have with pension scheme trustees and advisers, allow us to complete pension scheme audits at a great pace, whilst maintaining the necessarily high professional standard of compliance with pension laws and regulations.
Ultimately, in our pension scheme auditing we always work closely with those concerned in order to further refine our service, keep any friction to a bare minimum, and deliver the pension audit on time and to our promise of fixed fees.
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 pension audit could be more efficient, get in touch to see how we can help.
About Assure UK
Assure UK is a leading specialist pension audit and assurance reports accountancy supporting a broad range of pension trustees, administrators, and managers across the UK.
For more information about our services or advice on how to improve your pension audits and assurance reporting, please connect with us on social media, sign up for our newsletter, and regularly visit our website.