Issue - meetings
Audit Wales Audit Plan 2022
Meeting: 15/06/2022 - Clwyd Pension Fund Committee (Item 4)
4 Audit Wales Audit Plan 2022 
PDF 80 KB
To provide Committee Members with the 2021/22
Audit Wales plan to note and comment.
Additional documents:
Decision:
The Committee noted the update.
Minutes:
The Chairman introduced Mrs Phoenix from Audit Wales and invited her to present this item. Mrs Phoenix referred the Committee to Appendix 1 and noted that the audit plan summarised the risks identified, the fee, the timing and the audit team. The key areas regarding the risks identified on page 21 included a specific risk relating to the Fund’s diverse portfolio and holdings (outlined in the table at the bottom of page 21). The plan to divest from Russian investments was mentioned in the identified risks on page 22. WPP were in the process of divesting from Russian investments and Mrs Phoenix said she was not aware of any update on this. Despite this, she confirmed that the value of this holding was not material for the Fund.
In addition, as Mr Vaughan (Principal Accountant) had left the Fund, this was addressed as an identified risk but Mrs Phoenix confirmed there were no concerns and it was only flagged to bring to the Committee’s attention.
Mrs Phoenix explained that the audit fee had increased this year. The fee increase for all Funds was related to an increase in the work and also involvement of higher graded team members due to the audit standards.
She said the audit plan had not changed from prior years and the submission of the final report to the Committee would be in late November to allow them to meet the statutory deadline of 30 November 2022.
RESOLVED:
The Committee noted the update.