Issue - meetings

60.1     The Committee considered a report on the proposed External Audit Plan for the East Sussex Pension Fund.

60.2     The Committee RESOLVED to note the report.

1.       

2.       

3.       

4.       

5.       

6.       

7.       

8.       

9.       

10.       

11.       

12.       

13.       

14.       

15.       

16.       

17.       

18.       

19.       

20.       

21.       

22.       

23.       

24.       

25.       

26.       

27.       

28.       

29.       

30.       

31.       

32.       

33.       

34.       

35.       

36.       

37.       

38.       

39.       

40.       

41.       

42.       

43.       

44.       

45.       

46.       

47.       

48.       

49.       

49.1.      The Board considered a report on the External Audit Plan for the ESPF for 2018/19.

49.2.      OO explained that the External Auditor’s main focus for this year is on the valuation of hard to price investments, which it considers a risk to the ESPF.  The Fund custodian (Norther Trust)  has been approached to produce a paper on private equity for this purpose.

49.3.      The Chair asked how the price of the external audit was agreed. OO confirmed that it was the same figure as last year and that it was set by Public Sector Audit Appointments (PSAA).

49.4.      SM asked whether internal or external auditors would be investigating the probity of the transition to ACCESS. Nick Lee (NL), Principal Auditor, confirmed that it is in the Internal Audit Plan for 2018/19 and would be conducted once ACCESS arrangements are in place after 1 April.

49.5.      OO confirmed that 2017/8 audit would be the final audit conducted by KPMG.  PSAA has confirmed the appointment of Grant Thornton (UK) LLP to audit the East Sussex Pension Fund annual report from 2018/19 to 2022/23. 

49.6.      The Board RESOLVED to note the report.