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Updated guidance on Teachers' Pensions audits

On 20 September 2017, Teachers’ Pensions issued version four of its guidance for reporting accountants on End of Year Certificates, TP05.

This version of the guidance was produced following a meeting between practitioners and Teachers’ Pensions, which was facilitated by ICAEW. It is a fix for this year only with the intention being that, for future years, Teachers’ Pensions will engage with the profession much earlier in the process. Due to the delay in publishing this version of the guidance, Teachers' Pensions has confirmed that the non-local authority deadline has been moved from 30 September 2017 to 30 November 2017, the same as the local authority deadline, for this year only.

Our members have raised a number of concerns on version three of the guidance. Teachers’ Pensions was suggesting that reporting accountants who are currently engaged can use version three of the guidance to complete the engagement. However, this is not ICAEW’s position. Instead, ICAEW is reminding firms that, when carrying out this or other similar work, they are still required to follow the FRC’s Ethical Guidance and relevant quality standards. They should not therefore feel pressured to sign off on reports for which they do not have an adequate framework or guidance from third parties that are requesting these reports.

Please find further information in the new version of the guidance.