Agenda item

A report outlines the key controls audit from the South West Audit Partnership, considered by the Wiltshire Pension Fund Committee, and updates the progress of the external audit from KPMG for 2016 for review.

The Board is asked to note the update and attached Internal Audit Report and agreed Action Plan.

The Board was presented with an update from internal and external auditors; the internal audit plan for 2016-17 was being finalised at was expected to be presented at the October meeting. Internal audit for 2015/16 was graded with ‘Reasonable Assurance’ meaning that most areas reviewed were found to be adequately controlled, generally risks were well managed but some systems required the introduction or improvement of internal controls. There were no significant finds to report from the audit although two medium risks relating to reconciliations and payroll were reported and were being acted on. The Board requested that an update on actions taken be reported to its January meeting. Members also requested that external auditors attend the January meeting in the instance of material recommendations arising from their audit. The external audit from KPMG was still ongoing and any subsequent  recommendations would be reported to the Fund.

Following questions from the Board it was confirmed that pension strain costs would usually be factored into redundancy costs. It was agreed that redundancy costs be considered at the next meeting in the instance of such related issues arising from the audit.

Resolved:

To note the update on the progress of the external audit from KPMG for 2016 and the internal audit report and agreed action plan.

To request that an update is provided at the January meeting on the actions taken following the outcome of the internal audit and that external auditors also report to this meeting in the instance of material recommendations arising from that audit.

To request that redundancy costs be considered at the October meeting in the instance of such issues arising from the audit.