Guidance on pension scheme financial reports and audit featuring Covid-19

A joint guidance has been published by ICAS, ICAEW and PRAG on pension scheme financial reports and audit, with a large focus on Covid-19 matters.

The impact of Covid-19 pandemic on the control environment of pension schemes is explored, to help auditors navigate the additional challenges they are likely to experience and help them in meeting their responsibilities towards the scheme’s annual report, including the audited financial statements.

Trustees and accounts preparers will also find this guide useful, which is relevant to private sector occupational defined benefit and defined contribution trust-based pension schemes in the UK.

This Guide should, of course, be read alongside the latest available guidance from The Pension Regulator (TPR) and the Financial Reporting Council (FRC) as guidance is being published on a regular basis.

So far, easements on obtaining audited financial statements and producing chair’s statements have been announced by TPR, which however, do not apply to periods ending on or after 31 December 2019.

More information on this, together with a full guide can be found here.