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Trustees should consider greater scope of scheme audits

Trustees should consider greater scope of scheme audits, says Atkin Trustees
 
Atkin Trustees, the independent trustee company, has called for trustee boards to carry out further governance audits on their schemes and, if they cannot complete these themselves, to make better use of their external auditors.
 

Chris Atkin, Director, commented: “As part of scheme governance, trustees should be actively reviewing their administration service level standards, the accurate payment of member benefits and the work of their investment managers and custodians against mandates on a regular basis. If trustees feel that they cannot complete this review work to a high enough standard themselves, they should make use of their advisors – in particular their scheme auditors – to assist them.
 

“Many auditors are already equipped to deal with such requests and possess the knowledge and systems to enact reviews of benefit specifications, sample member records and investment procedures. Knowing that this tool is to hand, trustees should consider the benefits to the accuracy and efficiency of their scheme that carrying out this governance audit, either on their own or with external support, would bring about.”

 

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