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Bring your CPD up to date: Pension scheme financial statements and audit

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By Christine Scott, Head of Pensions and Charities

24 July 2020

ICAS and BPP, in partnership, are delivering two courses on pension scheme financial statements and pension scheme audit.

While the requirements haven’t changed circumstances have, making it essential for pension schemes, third party administrators and auditors to understand the impact of the COVID-19 pandemic on the delivery of their responsibilities towards the audited financial statements.

Online Classroom Live

Through Online Classroom Live, two half day courses, one on pension scheme audit and one on pension scheme financial statements, are being delivered on the same day on the following dates:

  • 25 August 2020
  • 5 October 2020
  • 7 December 2020

Details of how to sign up for the courses, detailed course outlines and price information are included via links at the end of the article.

Pensions schemes and COVID-19

Both courses will consider the impact of the COVID-19 on pension scheme financial statements and their audit. This includes coverage of the recent guidance published by ICAS, ICAEW and the Pensions Research Accountants Group (PRAG) on Pension scheme reports and financial statements, and related matters in the context of the COVID-19 pandemic.

An introduction to the audit of pension schemes

It is fair to say there will not be many areas of the audit, if any, unaffected by the pandemic. The important thing is to recognise this and consider as early as possible what needs to be done differently. This may well mean revisiting audit strategies and plans in place before the pandemic struck.

Obtaining sufficient appropriate audit evidence remains key and there will undoubtedly be additional challenges particularly in relation to audit work on the trustees’ assessment of going concern and in relation to the valuation of assets at the balance sheet date.

It will be necessary for the auditor to distinguish between the impact of the pandemic during the reporting period and after the end of a reporting period.

This course will cover a wide range of issues relevant to the auditors of pension schemes, including:

  • The importance of understanding the parties involved in the audit and their respective responsibilities
  • Accounting issues to be considered during the audit
  • Planning of a pension scheme audit
  • The application of auditing standards as relevant to pension scheme audits
  • Specific issues to be considered during the audit fieldwork
  • The audit issues arising from COVID-19, including the consideration of going concern
  • The auditor’s report and the auditor’s statement about contributions
  • Review of the trustees’ report and actuarial statements
  • Reporting to The Pensions Regulator
  • Communicating with the trustees

Pension scheme accounts following FRS 102 and the Pensions SORP 

This course will cover key accounting issues for pension schemes including consideration of how the COVID-19 pandemic may impact on elements of the financial statements and disclosures required. Going concern and the trustees’ assessment of going concern is a significant topic, other key topics are the fair value of investments, the classification of investments, investment risk disclosures, and events after the reporting period.

These detailed considerations will follow an introduction to pension scheme accounts and the course will also cover other topics including:

  • Financial statements presentation
  • Accounting for annuity contracts
  • The Pension Protection Fund
  • Schemes in wind up

About the speaker

The courses are being delivered by John Moffat B Acc CA. John is an experienced trainer and pension scheme auditor. He is also a member of the ICAS Pensions Panel, PRAG Pensions SORP Working Party and the chair of trustees of a defined benefit pension scheme.


An introduction to the audit of pension schemes – a half-day course

This course will provide an introduction to the issues to be considered during the completion of the audit of a pension scheme.

Find out more


Pension Scheme Accounts following FRS 102 and SORP – a half-day course

The course will consider the impact of the changes in pension scheme accounting and the experience gained to date on issues arising in complying with FRS 102 and the revised SORP.

Find out more

TPR updates on pensions during the pandemic

By Christine Scott, Head of Charities and Pensions

24 June 2020

COVID-19: Guidance on pension scheme financial reports and audit

By Christine Scott, Head of Charities and Pensions

2 June 2020

2021-04-croneri 2021-04-croneri
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