Issue - meetings

Clwyd Pension Fund Draft Audit Plan

Meeting: 09/06/2021 - Clwyd Pension Fund Committee (Item 4)

4 Clwyd Pension Fund Draft Audit Plan pdf icon PDF 80 KB

To provide Committee Members with the2020/21 draft Audit Wales plan for review.

Additional documents:


The Committee noted the Audit wales plan.


            Mr Vaughan welcomed Ms Wiliam and noted that the Committee were responsible for the approval of the annual report including the accounts by the end of November. He confirmed that the draft accounts would be brought to the September Committee meeting.


            Ms Wiliam presented the audit plan on page 17 and highlighted the following key points:

-       The two financial audit risks were management override and the impact of COVID-19.

-       She noted that management override was a risk for all bodies and was required for all audit plans.

-       Whilst the impact of COVID-19 has increased pressures on staff resource and remote working, Ms Wiliam reassured the Committee that the impact of COVID-19 would not affect the work in respect of the audit plan.

-       The three risks in respect of the financial statements were holdings in investments, the use of external investment managers and the transfer of assets to the WPP.

-       The audit fee for 2021 on page 24 had no increase from the previous year.

-       The final audit report will be presented at the November Committee meeting.


Cllr Bateman asked what management override is. Ms Wiliam confirmed this was a significant risk raised for all bodies in their audit plans to respond to ISA 240. The standard work for Audit Wales was addressing this risk so no concerns need to be raised.




The Committee noted the Audit wales plan.