Minutes:
Consideration was given to the Audit Strategy Memorandum provided by Mazars LLP for Durham County Council Pension Fund for the year ended 31 March 2015 (for copy see file of Minutes).
Catherine Banks, Engagement Senior Manager of Mazars informed Members that the purpose of the document was to summarise their audit approach and highlight any significant audit risks.
The following risks had been identified and were set out in Section 3 of the report together with details of how these would be addressed:-
· Management override of controls
· Valuation of unquoted investments for which a market price was not readily available
· Disclosure of Funding Arrangements
Members were advised of a further two risks identified since the circulation of the memorandum; a new version of Oracle which had been tested with nothing further to report, and the transition of investments between Fund Managers which would be completed this month.
In conclusion she advised of future changes to accounting deadlines which would bring local authorities in line with central Government timescales.
Resolved:
That the Audit Strategy Memorandum for Durham County Council Pension Fund for the year ended 31 March 2015 be received.