Understanding Pension Schemes

The financial reporting and auditing rules for pension schemes are built on the same foundations as other assignments but are markedly different in many ways. This practical session will provide a beginner’s guide to compiling financial statements using the SORP and all the key audit tests that would be needed.

By the end of the course, participants will have gained a thorough understanding of the background, financial reporting and audit requirements of occupational pension schemes. 

The course will cover:

• Legislative background and requirements
• Types of scheme and other pensions terminology
• Accounting and reporting requirements under FRS 102 and the Pensions SORP
• Audit exemption rules
• Key audit tests and how to perform them
• What information really need to go on the audit file
• Whistleblowing responsibilities

The course will include a combination of lecturing, discussion and exercises.