Pensions audit comes with a particular set of specialist requirements, with extra regulatory issues. And, of course, there are additional reputational and practical impacts on many peoples’ lives in any scheme. Scheme audits are not just a matter of compliance; they are an integral part of ensuring a scheme is well run.
All of which means that a pensions audit is best carried out by someone with experience, knowledge and understanding of the importance of the matter.
Chiene + Tait is the appointed auditor for a number of pension schemes, with in-house specialists who deal with pensions professionals across numerous schemes to ensure the schemes they audit are well-run.
Our pensions audit method
- Work to fully understand the key business, audit and financial reporting risks associated with your pension scheme
- Test risk area in line with existing internal controls
- Provide an audit summary report, detailing our findings from the audit
- Offer a partner-led service with direct access to an assigned partner and audit manager
Chiene + Tait is one of the few Scottish firms with a dedicated Pensions Group, comprising specialists from across the accounting spectrum who meet to discuss sector and regulatory updates.
The pensions sector is extremely complex and very highly regulated, meaning it’s crucial to thoroughly understand compliance issues. In particular, trustees risk personal liability unless they can demonstrate they have acted in the best interests of scheme members.
This Group makes sure that our extensive pensions client base are kept up-to-date and fully compliant with the latest regulations. We also take care to explain regulations, and the impact on our clients, so that they are fully understood.
We are also able to meet with trustees to discuss sector updates, and facilitate pension-related training – required by law – including the principles of funding and the investment of scheme assets.