Agenda item

The Committee considered the Audit Completion Report of the External Auditor relating to Durham County Council Pension Fund for the year ended 31 March 2015 (for copy see file of Minutes).

Catherine Banks, Mazars presented the report to the Committee and circulated a letter for the information of the Committee which provided an update on outstanding matters and conclusions reached on the audit since the report was circulated to the Committee (for copy see file of Minutes).

Referring to the material misclassifications in section 4 of the report, the Corporate Director, Resources explained that last year was unusual for the Service in that they changed from 1 global equity manager to three.  The Committee were assured that although a lot of work needs to be carried out in this area, that work was progressing.

Resolved:

1.            That the Annual Governance Report of Mazars be noted.

2.            That the letter of representation be approved