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Report to: |
Pension Board
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Date of meeting: |
5 June 2024 |
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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); and
· Administration of Pension Benefits Audit Report (Appendix 2).
1. Background
· Pension Fund Cash Management (Appendix 1); and
· The Administration of Pension Benefits (Appendix 2)
were completed as part of the Internal Audit Strategy for Pensions 2023/24 and provide assurance on the overall effectiveness of their respective systems’ controls. There is one report still due for the year, Pension Fund Investments.
1.2 As a result of our work, we were able to provide an opinion of Substantial Assurance over the controls in place.
The Administration of Pension Benefits
1.3 Our work on the Administration of Pension Benefits has found sustained performance and we were able to give an opinion of Reasonable Assurance.
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