Meeting documents

Pension Fund Committee
Friday, 21 November 2003

PF211103-19

Return to Agenda

ITEM PF19

PENSION FUND COMMITTEE 21 NOVEMBER 2003

AUDIT COMMISSION – REPORTS ON FUND MANAGEMENT PENSION FUND AUDIT 2002/03

Report of Head of Finance

Introduction

  1. Two Audit Commission reports are attached as annexes.

    2. Pension Fund – Review of Management Arrangements

  2. This report (at Annex 1)(download as .rtf file) is a specialist report on fund management activity. The conclusions on pages 3 and 4 are noteworthy. It is pleasing to note that the Audit Commission has referred to the Council acting with commendable speed to revise the management arrangements. There is also reference to the Fund being ‘well managed’.

  3. There is one recommendation related to the format and contents of minutes and the Committee are asked to consider the Commission’s comments that are detailed in the second paragraph of page 4.

    4. Audit 2002/03 Pension Fund Opinion Audit – communication to those charged with governance

  4. This is the annual audit report (Annex 2) (download as .rtf file). This is a standard report (para 3 of page 3). The Commission have not identified any non-trifling errors (para 4 of page 3) and the minor errors and omissions shown in Appendix 3 have been corrected.

  5. The Commission have identified two areas of weakness, referred to on pages 3 and 4, which have been included as Recommendations 8 and 12 in Appendix 5. All the recommendations contained in Appendix 5 have been accepted and have either been implemented or will be addressed in the near future.

  6. The Commission have also identified certain qualitative accounting issues that are set out in Appendix 4. The wording in the draft accounts adopted by the Committee on 29 August has been amended accordingly.

  7. There are no other matters to be drawn to the Committee’s attention. The audit certificate will be included in the published annual report.

    8. RECOMMENDATION

  8. The Committee is RECOMMENDED to:

          1. note the two reports, and;

          2. consider what actions should be taken to address the Audit Commission recommendation on Committee minutes as indicated in paragraph 3 of the report.

CHRIS GRAY
Head of Finance

Background Papers:

Contact: Officer: Barry Phillips Tel. (01865) 810805

November 2003

Return to TOP