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What’s wrong with most pension audits?

Last updated: Wednesday June 19th 2013

Too many pension audits fail to meet trustee expectations because they simply do not keep them informed.

The time, effort and money put into producing the audited accounts feels like it is going down the drain.

Why does this happen, again and again? The truth is, performing an effective pension scheme audit – one that is timely, on budget and creates a positive impact – is not as easy as it looks.

Avoiding Common pension audit Mistakes Can Generate Positive Results

Avoiding Common pension audit Mistakes Can Generate Positive Results

By taking care to avoid the most common mistakes, you can use your pension auditor to create a distinct advantage for your scheme and the sponsoring employer:

  • Great service and a partnership approach.
  • Project Management tools to deliver your audit on time and on budget
  • Give your trustees a great source of solid, useful information.
  • Access to an independent sounding board for governance issues.
  • Excellent communication skills – so no nasty surprises.

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Conclusion

Pension Auditors are often treated as unimportant and no real benefit. But, by avoiding common mistakes, you can turn your audit around and save you time and money.

Well performed pension audits communicate scheme risk and issues that your trustees have encountered, potential risks and recommend
next steps: they also inform and educate trustees on industry developments.

Assure UK can help you create an audit process that get completed on time and on budget and informs your trustees to take action. Contact us to let us know how you would like to improve your pension scheme audit process and get results!