Issue - meetings

To receive the annual audit plans from the external auditors for both Hampshire County Council and the Hampshire Pension Fund for 2017/18.

The Committee received the Annual Audit Plans for Hampshire County Council and the Hampshire Pension Fund for 2017/18 (Item 8 in the Minute Book).

The Auditor highlighted the main points of the Plans and in particular advised that following a change in internal guidance it was now possible to set pension fund planning materiality at 2% of net assets, subject to internal consultation and approval, previously the limit was 1% of net assets.

The Auditor outlined to the Committee that they considered it appropriate to set performance materiality at 2% for Hampshire Pension Fund, and had received internal approval for this in early February, which was after the plan had been drafted. Members heard that therefore the planning materiality, performance materiality and audit differences shown on pages 83 and 87 would be double the amount included in the plan and that the Committee would be updated on the actual levels used in the audit results reports at its meeting in July.

RESOLVED:

That the Committee notes the annual audit plans from the external auditors for both Hampshire County Council and the Hampshire Pension Fund for 2017/18.