Issue - meetings

The Committee had before it a report by the External Auditor on the 2023/2024 Annual Audit of the North East Scotland Pension Fund.  The report  summarised the findings from the 2024/25 annual audit of the North East Scotland Pension Fund (the Fund). 

The Annual Audit Report comprised:

·       significant matters arising from the audit of the fund’s annual report and accounts

·       conclusions on the following wider scope areas that frame public audit as set out in the Code of Audit Practice 2021:

o   financial management

o   financial sustainability

o   vision, leadership, governance and use of resources to improve outcomes

·       conclusions on the administering authority's arrangements related to the pension fund for meeting its Best Value duties.

The audit concluded that the accounts were free from material misstatement.  Audit adjustments required to correct the financial statements had been properly reflected in the audited annual report and accounts.

The Fund had broadly effective and appropriate arrangements in place to secure best value and cover the wider scope audit areas i.e. Financial Management; Financial Sustainability; Vision, Leadership and Governance; and Use of Resources to Improve Outcomes.  The report noted that governance could be further strengthened if the long-term vacancies in the membership of the Pensions Committee were filled.

The Committee heard in detail from Ms MacDonald in respect of the report.

Members asked a number of questions of Ms MacDonald and officers. 

The Committee resolved:-

to note the report.