Issue - meetings

11.1     The Committee considered a report on the Fund’s external audit plan for 2020/21.

11.2     The Committee resolved to note the report.

10.1     SK introduced the report which is the external audit plan submitted in March by Grant Thornton, the external auditors, which outlines the work they plan to undertake as part of the audit for 2020/21. The risks are the same as previous years and the level of materiality has dropped slightly to £34.7 million due to the lower valuation of the Fund. The report is for information and noting.

10.2     The Board noted that it was disappointing not to have details of the audit fee and the fees for 2019/20 were significantly higher than previous years. Ian Gutsell (IG), Chief Finance Officer, responded that the fees are set by Public Sector Audit Appointments (PSAA) Ltd. The external audit sector is pressured to deliver to heightened levels of assurance and scrutiny, during the pandemic and in response to a number of high-profile local authority audits which have identified key financial difficulties. Fees variations are increasing and setting new fee levels is at present proving challenging. The Government has announced a £15 million grant to help local authorities cover the cost of increased audit fees.

10.3     The Board RESOLVED to note the external audit plan for the East Sussex Pension Fund for 2020/21.

Report by the Chief Finance Officer

37.1     The Committee considered a report by the Chief Finance Officer which presented the External Audit Plan of Grant Thornton in relation to their audit of the East Sussex Pension Fund for 2020/21.

37.2     The Committee RESOLVED to note the report.