Background

New client to the firm
Final salary scheme
Net assets £120m, 2500 members

As with almost any audit of a scheme of this size, the audit process identified certain weaknesses in controls and errors in the annual accounts.

We suggested to the trustees that the audit findings be presented to them at their next trustees meeting, something which did not occur with their previous auditors. We also suggested that the new trustees may benefit from a short training session on the audit process and risk management. This was gratefully accepted and following the meeting the trustees went on to plan further training sessions with their other key professional advisers and put a risk register in place.