KPMG’s Audit and Assurance practice provides industry leading pensions assurance and audit services to UK based final salary and defined contribution schemes.
- We understand pensions audit and assurance: KPMG currently provides assurance services to over 700 pension schemes in the UK including over 30% of the top 100 UK schemes (November 2013).
- We use accredited staff: Accredited teams with industry leading knowledge and the right experience and training, working to bring you efficient, informed and effective reporting.
- We assist with scheme governance: We add value to scheme governance by providing constructive and proactive comments on your financial controls. We can compare them to your peer group using our industry leading tool.
- We provide enhanced feedback: We harness the specialist knowledge in KPMG’s pensions advisory and administration practices, and through our financial sector services, to bring added depth to our work on benefits and investments.
- We keep you abreast of relevant developments and current thinking: We are extensively engaged with the industry through bodies such as PRAG and the ICAEW. Our dedicated technical team works to keep us and you up to date with accounting and regulatory developments.
Alongside external audit, we offer a wide range of assurance services, including
Accounting and Regulatory Assistance:
- Training and updates; tailored for audit committees and trustee boards as well as seminar groups
- Accounting and regulatory advice
- Review of financial statement disclosures
- Advice on FRS 102 conversion/revision for revised SORP
- Regulatory compliance reviews
Leading Practice and Governance Reviews:
- Recommend improvements and efficiencies in all aspects of your scheme’s governance and operations
- Assist in meeting and exceeding the Regulator’s Codes
- Examples of recent such reviews are as follows: management of providers, investment governance, IT security and business continuity planning, treasury, and data remediation
- Risk-based assurance which dovetails with other sources of assurance
- Project assurance aligned to key milestones, e.g. new administration systems. Delivered through co-sourcing, outsourcing or discreet reviews
- Increasing the breadth and depth of the core statutory audit with additional testing and analysis to provide supplementary assurance and insights
- For example, recalculation of salary related and career average benefits in complex schemes together with a review of records maintained
- Helping you comply with the Pensions Regulator’s expectations
- Getting more from the risk management process and linking it to the controls and governance framework
- Advice on embedding risk management into trustee business and operations
- A health-check of your DC controls framework
- Helping you comply with the Regulator’s Codes including the Code and guidance on DC schemes
Insights - UK