Course contents

The course explains the auditing and accounting rules that affect small pension funds.

The course covers:

    Planning
  • Scheme rules
  • Complying with HMRC rules, but the course does not cover tax issues
  • Disclosure requirements
  • Audit and accounting programmes
  • Audit tests you must complete
  • Reporting
  • Reporting breaches
  • Spotting breaches of the rules
  • Summary of present legislation
  • Pensions Act
  • The Pension SORP and impact of FRS 102
  • Use of actuarial statements.

The course concentrates on the rules that affect general practice small pension funds. This course will cover audit aspects of small pension funds as well as accounting issues.
The November update will cover:
Which pension schemes do and don’t need audited accounts
Key planning considerations for pension scheme audits
Minimum requirements when auditing Fund Account transactions:

  • Testing contributions for completeness
  • Practical issues when auditing DB schemes in deficit – employer covenants and deficit recovery plans
  • Auditing transfers and benefit payments – how far to go
  • Relying on pensions administration companies
    Minimum requirements when auditing Net Asset Statement balances:
  • Relying on service organisations and Type 2 controls reports when auditing investment valuations
  • Substantive auditing of investment valuations
  • Testing the disclosure notes
  • Other net asset statement audit tests
    Audit completion and going concern - the impact of recent changes to the audit report
    Five top tips for an efficient pension scheme audit
    Common file review deficiencies and how to put them right
    Reporting on contributions - what goes wrong and when to qualify the audit report
    Overview of recent PRAG and TPR pronouncements and what they really mean for audit firms.
    Pension fund audits have been the subject of concern to the professional bodies an regulators and the course will address those concerns and the work you need to do.
  • Course type
    Small pension funds