Issue - meetings

To consider and accept the audit plan

DECISION

To accept and note the contents of the Gwynedd Pension Fund Audit Plan 2026

Osian Roberts (Audit Wales) was welcomed to the meeting.

In accordance with the statutory responsibility of External Auditors, a formal Detailed Audit Plan was submitted for the 2025-2026 accounts, which explained how Audit Wales would conduct the Audit.

Attention was drawn to the relevance levels of the financial statements, noting that Audit Wales did not seek a complete level of assurance regarding the accuracy and fairness of the statements, but adopted the concept of relevance - Planning relevance levels of 1% of the gross assessments based on the audited financial statements of 2024-2025. In the context of the relevance levels of associated party statements - chief management personnel, it was noted that the relevance levels had been set at £1,000.

Reference was made to the risks, noting that the 'risk of management override' was a compulsory risk included in every plan in Wales as part of the Audit Wales procedure. It was noted that there would also be a focus on the 'investment assets balances' because some balances were more difficult to evaluate than others - the same process had been followed over the years and were now long established. No additional risks had been identified.

It was highlighted that the work of auditing the financial statements would be completed during September, with the intention of submitting a report on the statements during November 2026. The audit team's names were presented, along with the estimated fee (which included an inflation increase) and the timeline of the work that would be completed during the year.

The members expressed their thanks for the report and to Osian Roberts for attending the meeting.

RESOLVED

To accept and note the contents of the Gwynedd Pension Fund Audit Plan 2026.