FRC finds audit failures in UK pension scheme reporting
Auditors have been called out by the Financial Reporting Council (FRC) due to problems found in almost half of the audit work around pensions valuations they have inspected this year.
The FRC’s annual ‘audit of defined benefit pension obligations’ report, published 26 July, explained it had examined the audit quality of pension balances and related disclosures among 51 of its overall inspections for 2017/18.
In nearly half of these, improvements needed to be made in at least one aspect of the audit work despite good practice being recorded in other areas.
Read More: Accountancy Age
