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Dear Mike,
can you please help with some audit procedures that would be carried out in auditing a pension scheme balance ? especially procedures relating to the work of an auditor’s expert.
thanks in advance
Rob
Robbie, use your common sense! Think back to your P2 days when you learned about defined benefit and defined contribution schemes. Be sure that you’re up to date because the “corridor” has now gone! And so has Expected Return on Plan Assets disappeared.
What steps would you take to confirm the existence, ownership and valuation of plan assets? What steps might you take to be able to place reliance on the independent actuary?
What steps would you take to confirm the identity of those people to whom pensions have been paid during the year? And if someone clearly not a pensioner comes to collect for “her granny”, what steps would you take to confirm that granny was still alive?
Use your mind / brain. Let your imagination take over and let it roam wherever it wants to go
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