Auditing guidance on pensions is expected in June 2000 because of continuing confusion about existing rules on disclosures in accounts.
The guidance is not expected to contain any new provisions. It will simplify codify auditors’ existing responsibilities. Since the Pensions Act 1995 became effective in 1997, an increasing number of auditors have been disciplined for failing to audit accounts property in regard to pension disclosure. OPRA, the occupational pensions regulator, has been vigorous in reporting suspected poor auditing to professional bodies. In 1998/99, OPRA referred 13,107 such cases to regulatory bodies.
[2000]