2010/11 (PDF, 48 Pages, 1013KB) - THE LOCAL GOVERNMENT ...

Audit ReportIndependent auditor’s report onMerseyside Pension Fund to theMembers of Wirral Borough CouncilOpinion on the pension fundaccounting statementsI have audited the pension fundaccounting statements for the yearended 31 March 2011 under theAudit Commission Act 1998.The pension fund accounting statementscomprise the Fund Account, theNet Assets Statement and the relatednotes. These accounting statementshave been prepared under theaccounting policies set out in theStatement of Accounting Policies.This report is made solely to themembers of Wirral Borough Councilin accordance with Part II of the AuditCommission Act 1998 and for no otherpurpose, as set out in paragraph 48of the Statement of Responsibilities ofAuditors and of Audited Bodies publishedby the Audit Commission in March 2010.Respective responsibilities of theDirector of Finance and auditorAs explained more fully in the Statementof Responsibilities for the Statementof Accounts, the Director of Financeis responsible for the preparationof the pension fund’s Statement ofAccounts in accordance with properpractices as set out in the CIPFA/LASAACCode of Practice on Local AuthorityAccounting in the United Kingdom.My responsibility is to audit theaccounting statements in accordancewith applicable law and InternationalStandards on Auditing (UK and Ireland).Those standards require me to complywith the Auditing Practices Board’sEthical Standards for Auditors.Scope of the audit of thefinancial statementsAn audit involves obtaining evidenceabout the amounts and disclosures inthe accounting statements sufficientto give reasonable assurance thatthe accounting statements arefree from material misstatement,whether caused by fraud or error.This includes an assessment of: whetherthe accounting policies are appropriateto the fund’s circumstances and havebeen consistently applied and adequatelydisclosed; the reasonableness ofsignificant accounting estimates madeby the fund; and the overall presentationof the accounting statements.I read all the information in the annualreport to identify material inconsistencieswith the audited accounting statements.If I become aware of any apparentmaterial misstatements or inconsistenciesI consider the implications for my report.Opinion on accounting statementsIn my opinion the pension fund’saccounting statements:• give a true and fair view of thefinancial transactions of the pensionfund during the year ended31 March 2011 and the amount anddisposition of the fund’s assets andliabilities as at 31 March 2011 otherthan liabilities to pay pensionsand other benefits after theend of the scheme year; and• have been properly prepared inaccordance with the CIPFA/LASAACCode of Practice on Local AuthorityAccounting in the United Kingdom.34 Audit Report www.merseysidepensionfund.org.uk