Pension schemes audit and assurance

FRC guidance

PN 15: The Audit of Occupational Pension Schemes in the United Kingdom (Revised)
Revised Practice Note issued by the FRC in November 2017.

The audit of defined benefit pension obligations
An FRC July 2018 report focusing on the quality of pension audits in a sample of 51 of its audit inspections carried out during 2017-18. Identifies areas that require improvement, as well as current good practice. 

ICAEW support and guidance

Auditing pensions figures - sponsor accounts
A guidance hub from ICAEW's Audit and Assurance Faculty, outlining good practice for managing auditor requests in relation to UK defined benefit pension schemes.

Occupational pension scheme governance - assurance about internal controls 
ICAEW guidance aimed at addressing any expectation gaps around assurance in the pension schemes sector, in particular looking at how internal and external audit can play a part in the governance of UK pension arrangements. Published in March 2019.

Preparing an audit report for occupational pension schemes
ICAEW helpsheet designed to explain the main changes that are needed to the audit report of a pension scheme compared to that of a company. Last updated in September 2018.

TECH 12/16 AAF – Assurance Reporting on Master Trusts: Master Trust supplement to AAF 02/07
A supplement to AAF 02/07, produced in association with the Pensions Regulator, this Technical Release addresses assurance reporting on governance control procedures established by trustees of Relevant Multi-employer Schemes (Master Trusts). Issued in November 2016.

TECH 12/13 BL – Audit reporting on multi-employer scheme segregated accounts 
Guidance on audit reports issued to Trustees on the segregation of pension schemes, under the Pension Protection Fund Multi-Employer Regulations. Issued in October 2013.

TECH 02/08 – Actuaries' and auditors' inter-professional communication – Pensions and other post-retirement benefits
Guidance designed as a practical tool for actuaries and auditors to use when communicating with each other in the context of accounting requirements for retirement benefits in employer accounts and pension scheme financial statements. Issued in April 2008.

AAF 01/20 Assurance on internal controls of services organisations
Technical Release effective for reporting periods beginning on or after 1 July 2020. Replaces TECH 01/06 AAF.

Online articles

The Library provides access to leading business, finance and management journals. These journals are available to logged-in ICAEW members, ACA students and other entitled users subject to suppliers' terms of use. 

You will need to be logged-in to the website to access these articles.

Articles and books in the Library collection

The ICAEW Library & Information Service includes a collection of articles and books on auditing pension schemes that can support your work.

Selected title

Preparing audit reports
D.Duvall (Wolters Kluwer, 2016)
A practical guide to UK audit reporting, covering the legal framework and including example reports.

Further titles

• View a list of articles and books in our collection on pensions audit and assurance

To find out how you can borrow books from the Library please see our guide to book loans.

You can obtain copies of articles or extracts of books and reports through our document supply service.