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: (a) Your client has sought your advise on the procedures to be adopted for carrying out the stocktaking which is based on a year-end count. You are required to prepa


Forms of evidence a) Observation: is usually witnessing internal control and book-keeping procedures. It includes attendance at wages pay out. Observation of stock-take, open

Assertions about account Assertions about account balances at the duration end: a) Existence -assets, equity and liabilities interests exist. b) Obligations and Ri

Ask You are the senior auditor assigned to the team performing an audit for Restorative Pharmaceutical Corporation (RPC), a 10-year-old publicly held corporation listed on the New

Communication with Expert Whether the auditor intends to utilize the work of an expert then he must communicate along with the expert well in advance to confirm the terms of e

Blowing the Whistle on Former Partners On St. Patrick's Day in 1992, Chambers Development Company, one of the largest landfill and waste management firms in the United States, a

Work In Progress What such applies to goods for resale applies uniformly to work in progress even when the items present greater problems of valuation and ascertainment to the

main areas contained in a private audit

discuss the verification procedure of current assets and long term liabilties