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Why Are Your Pension Scheme Auditors So Important?

Last updated: Thursday April 04th 2013

Trustees need experienced, adaptable and personable auditors providing timely information with proof of real benefits.

And, they want to be informed – not at the end but throughout the audit process.

Here are the facts:

  • An independent survey carried out by a leading firm reveals that trustees expectations surrounding performance and delivery in the pension audit is remarkably high and adaptability is key to being a good pensions auditor. Despite some elements of the overall delivery being slightly more important than others, with 96% of respondents rating technical knowledge and expertise and 88% rating delivery in accordance with timetable and fees either eight or higher in the ratings scale, no one element was considered unimportant.
  • 85% of participants rated the below matters eight or above in the ratings scale:
    • your audit team has the appropriate level of pensions technical knowledge and experience
    • your auditor delivers in accordance with the timetable and fee schedule
    • the audit scope and fee is agreed prior to the commencement of the audit
    • your auditor keeps you updated on progress, and any issues identified during the audit process

An effective audit is more than just some industry specific audit programmes.

That’s why you need a resource that understands the pension industry and keeps you informed, and what it takes to motivate your readers in order for them to take action. You also need a resource that will be adaptable to help you manage your risks and give the trustees assurance at the right time and on budget. Assure UK focuses on communicating your audit results in a way that leads the trustees to scan effortlessly from section to section. We understand the appropriate use of text formatting and supporting graphics to engage trustees and keep their attention. We also take care to keep findings to a concise length – enough to present the information in detail, without making it boring or overwhelming.

In addition, our proven 30 Day™ methodology ensures you stay updated on progress, so your audited accounts make it into the hands of your trustees on time.

Assure UK knows pension auditing.

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

Let Assure UK help you turn your auditors into a valued adviser– contact us today for more information.