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Report to: |
Pension Board
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Date of meeting: |
30 May 2023 |
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By: |
Chief Internal Auditor
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Title: |
Internal Audit Reports
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Purpose:
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This report advises the Board of the outcomes of the attached audits. |
RECOMMENDATIONS
The Board is recommended to note the:
· Pension Fund Cash Management Audit report (Appendix 1);
· Pension Fund Cyber Security ArrangementsAudit report (Appendix 2);
· Pension Fund Investments and AccountingAudit report (Appendix 3); and
· Administration of Pension Benefits Audit Report (Appendix 4).
1. Background
· Pension Fund Cash Management (Appendix 1);
· Pension Fund Cyber Security Arrangements (Appendix 2)
· Pension Fund Investments and Accounting (Appendix 3); and
· The Administration of Pension Benefits (Appendix 4);
were completed as part of the Internal Audit Strategy for Pensions 2022/23 and provide assurance on the overall effectiveness of their respective systems’ controls. These are the final reports completed as part of the Strategy.
1.2 This is the first time we have looked at this area as a separate audit and we were able to provide an opinion of Reasonable Assurance over the controls in place. Our report contains five findings, all of which were medium- or low-risk, with appropriate management actions to address these.
Pension Fund Cyber Security Arrangements
1.3 Following our work on Pension Fund Cyber Security Arrangements, we were able to give an opinion of Substantial Assurance over the controls in place. The report contains a single, low-risk, finding and an action has been agreed with management to address it.
Pension Fund Investments and Accounting
1.4 As a result of our work on Pension Fund Investments and Accounting, we were able to give an opinion of Substantial Assurance. Only one low-risk finding was reported and an action to address this was agreed with management.
The Administration of Pension Benefits
1.5 Our work on the Administration of Pension Benefits has seen continuing improvements and we were able to give an opinion of Reasonable Assurance. We reported five findings, all of which were medium- or low-risk, and agreed a robust action plan with management to address these.
2. Conclusions and Reasons for Recommendation
2.1 The Pension Board is:
· recommended to note the Internal Audit reports.
RUSSELL BANKS
Orbis Chief Internal Auditor
Contact Officer: Nigel Chilcott, Audit Manager
Tel No.: 07557 541803
Contact Officer: Danny Simpson, Principal Auditor
Tel No.: 07701 394826
BACKGROUND DOCUMENTS:
None