Accounting Solutions
We work with clients with assets under management ranging from £10 million to £10 billion. Our pensions experience and expertise enables us to provide an efficient and bespoke service tailored to meet your needs. We work collaboratively with you and your advisors to ensure the necessary information is gathered and compiled within agreed time frames.
The accounting solutions we provide include:
- Implementation of a project plan to coordinate the preparation of the annual report and financial statements, and the audit process.
- Compilation of the annual report and financial statements in accordance with regulatory requirements and industry best practice.
- Preparation of audit packs and liaison with the auditors.
- Attendance at Trustee meetings to present the annual report and financial statements.
- Liaison with relevant parties to coordinate delivery of the required information
- Compilation of the quarterly management accounts in a format, tailored to meet the specific needs of the Trustees.
- Attendance at Trustee meetings to present the management accounts.
- Data analysis.
- Compilation of accounting records from source documentation.
- Identification of incomplete records.
- Liaison with our Forensic Services team.
Our active involvement in the working party which developed the Pensions SORP and many other pensions sector committees, means that we have an excellent understanding of pensions accounting and regulatory developments. We use this understanding and experience to ensure that your annual report and financial statements comply with regulatory requirements and reflect industry best practice.
Our clients include:
- Defined Benefit schemes
- Defined Contribution scheme
- Hybrid schemes
- Common Investment Funds
- Escrow accounts
You benefit not only from our specialist pension’s technical knowledge, but also our wider expertise with our Business Solutions and other teams. We provide a hand-picked team to ensure your needs are met.
Case studies
Background
A hybrid scheme with investments in excess of £1 billion prepared their annual report and accounts in house. The Scheme held investments with several investment managers and in a variety of investment arrangements. A global custodian was in place however their reports were not used during the preparation of the annual report and accounts. The complexities of investment arrangements and tight timescales for the approval of the accounts were putting a strain on in house resources.
What we did for the scheme
- Held an initial meeting to understand client needs, priorities, and issues faced in previous years.
- Reviewed existing controls and processes to identify where efficiencies could be achieved in the accounting process.
- Established effective communication channels with third parties responsible for information that flows into the annual report and accounts.
- Identified controls at the global custodian which enabled their records to be used for the annual accounts rather than each individual managers records.
- Implemented a project plan to ensure all parties understood responsibilities and delivery dates.
- Compiled the annual report and financial statements within the required timescales.
- Compiled the annual audit pack and liaised with the auditors throughout the audit process.
- Held regular meetings with the client throughout the year; planning, pre audit review of the annual report and accounts, audit clearance, post audit debrief.
- Provided training to client staff to ensure understanding of the accounts preparation process.
The outcome
The annual report and financial statements were delivered in accordance with the agreed timetable, allowing for a smooth year-end audit process.
Background
The Trustees of a DC scheme with members in excess of 60,000 and investments in excess of £1 billion required quarterly management accounts. The scheme’s investments and administration function were performed by a bundled service provider who did not offer an accounting service. The Trustees were therefore looking to outsource the accounting function separately.
What we did for the scheme
- Held an initial meeting to understand client needs, priorities, issues faced in previous years.
- Established a format for the management accounts addressing the key information to meet the requirements of the Trustees.
- Established effective communication channels with third parties responsible for information that flows into the management accounts.
- Reviewed reports prepared by bundled service provider to ensure their suitability for input into the management accounts.
- Identified issues reconciling from one quarter to the next and worked with the service provider to implement additional reports to address this.
- Identified areas where further reporting was required and worked with the service provider to tailor these reports.
- Established a timetable to ensure information received in sufficient time to produce the management accounts.
- Compiled management accounts on quarterly basis.
- Followed up on matters reported in the management accounts from one quarter to the next until resolved to the Trustees satisfaction.
- Assistance with quarterly ONS returns.
- Attended quarterly Trustee meetings to present the management accounts.
- Liaison with the pensions manager throughout the year.
The outcome
Management accounts were prepared for review at quarterly Trustee meetings. Trustees were able to monitor key transactions and balances on a timely basis, so any issues could be identified and resolved promptly, rather than as part of the year end procedures.
