Report to:	Pension Committee
Date of meeting:	1 March 2021
By:	Chief Internal Auditor
Title:	Internal Audit Report: Pension Fund: Compliance with Regulatory Requirements 2020/21
Purpose:	This report provides the Committee with the outcome of the above audit

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RECOMMENDATIONS

The Committee is recommended to note the Pension Fund Compliance with Regulatory Requirements 2020/21 audit report

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1.         Background

1.1       The review of Pension Fund: Compliance with Regulatory Requirements 2020/21 (Appendix 1) was completed as part of the Internal Audit Strategy for Pensions 2020/21.  The audit aimed to provide assurance on the overall effectiveness of the system’s controls and to identify areas of concern or weakness where improvements could be made.

1.2       As a result of our work, we were able to provide an opinion of substantial assurance over the controls in place.  This reflects the improvements made since the previous audit, in which we gave an opinion of partial assurance.  Where areas of improvement were identified, management actions have been agreed, together with timescales for their implementation.

2.         Conclusions and Reasons for Recommendation

2.1       The Pension Committee is recommended to note the Internal Audit report.

RUSSELL BANKS

Orbis Chief Internal Auditor

Contact Officer:        Nigel Chilcott, Audit Manager      

Tel No.:                      07557 541803

BACKGROUND DOCUMENTS:

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