Decision details

Declarations of interest:

None.

Witnesses:

Phil Triggs, Strategic Manager Pensions and Treasury

Thomas Ball, Grant Thornton

Andy Mack, Grant Thornton

Key points raised during the discussion:

1. The Strategic Manager Pensions and Treasury introduced the report and highlighted the audit findings against significant risks and the auditor’s action plan.  He reported that externally held cash balances would be reconciled on a quarterly basis and that action on late starter letters had been implemented.
2. The external auditor thanked the staff for all their hard work and reported that it has been a much improved process from last year.
3. The committee discussed the potential for teething problems with the new Border To Coast pool.  The external auditor reported that there would be no changes as to how the accounts were compiled or presented and that they would be working with other auditors in the pool as a matter of course.
4. It was recognised by those involved in the pool that this was very new ground and officers were taking advice from a wide range of experts in order to avoid any teething issues.  The pool was to be set up by April 2018.

Action/Further information to note:

None.

Resolved:

1.    That the 2015/16 Pension Fund financial statements in Annex A to the report was approved.

2.    That the content of the Audit Findings for Surrey Pension Fund Report in Annex B was noted.

3.    That there were no issues that needed to be referred to Cabinet in relation to the external auditor’s conclusions and recommendations.

4.    That the Director of Finance be authorised to sign the representation letter as set out in Annex C to the report.