Pension funds - specialized audit situation, Auditing

Pension Funds - Specialized Audit Situation

Pension funds are set up through companies or another organization:

(a)  To retired employees to administer the pension payable and

(b)  Certain such funds are available to pay pensions even whether the sponsoring organization goes into liquidation. The auditor's duties involve:

  1. Verifying the trust deed that set up the fund and ensuring that its provisions have been correctly carried out;
  2. Examine such there is proper control over the transactions of the fund;
  3. Examine the portfolio of investments. All modifies should be authorised through trustee minutes and all income might be obtained;
  4. Examine such the funds are sufficient to meet its future commitments. These are always determined preferably annually with actuarially. Many schemes incorporate an undertaking through the sponsor to create superior any deficiency.
Posted Date: 1/28/2013 4:30:23 AM | Location : United States







Related Discussions:- Pension funds - specialized audit situation, Assignment Help, Ask Question on Pension funds - specialized audit situation, Get Answer, Expert's Help, Pension funds - specialized audit situation Discussions

Write discussion on Pension funds - specialized audit situation
Your posts are moderated
Related Questions
Problem 10.42 An investment of $83 generates after-tax cash flows of $49 in Year 1, $67 in Year 2, and $131 in Year 3. The required rate of return is 20 percent. The net presen

Banks Features (a) Profit and loss account: When looking at a bank's profit and loss account the accountant should seek to discover what proportions of the bank's profits

Step 1: Determine learning objectives. Considering the importance of a course, its placement in a program of study, and its role in providing a base of knowledge to be built upon

Current Audit File The current audit file may involve inter alia: a) A copy of the audited financial statements and other report prepared such as a conclusion of audit work

Higher  normal risk Several audit assignments involve high audit risk and usually in any client there will always be at least one high risk area.  Indications that an audit has

a. Discover Fifty strengths and Fifty weaknesses after conducting an internal audit of a company. b. What procedures could then be used to determine the most important of these?

How to involve people in audit? Ans) Use audits as opportunities to train others. Ask for a volunteer (who is not an auditor) to walk by the audit process with you as an assista

Advantages and disadvantages

With reference to the case study business, identify appropriate audit tests to be carried out. Prepare a statement of the work to be carried out and the manner in which it will be

IAS 36 Impairment of Assets It is very necessary for the auditor to determine the client's method for determining and accounting for impairments.  Corresponding IAS 36, 'impai