The Head of Finance & Risk presented the report of the Director of Pensions which provided a copy of the report to be taken to the next Pensions Committee in relation to Grant Thornton’s external audit plan of the Fund’s Statement of Accounts for 2022/23. Significant risks were included although it was noted that they were generic and there were no changes to them compared to those identified in the previous year. The accounts production and the audit work timescales were explained and were on schedule and any findings would be reported to Pensions Committee in September 2023 and to a future Pensions Board.

Members questioned the additional testing and sampling in the year and it was explained that auditing standards had changed and the population/sample size needed to increase especially with level 3 investments.

Resolved – That the report be noted.