Internal Audit for Pension Schemes
The new IORP II (Institutions for Occupational Retirement Provision) Directive requires certain pension schemes to implement a dedicated independent internal audit function that reports to the trustees. At EisnerAmper, we deliver specialist Internal Audit Services to help ensure Irish Pension Schemes meet the requirements needed in an efficient and compliant manner.
Our Internal Audit team provides reporting to Trustees that key business risks have been identified and that effective controls are in place to manage these risks.
By partnering with EisnerAmper Ireland, we offer a consultative approach on a range of risks and issues, as well as market leading experience and expertise. This results in:
- A flexible approach and options to meet your needs, including:
- Option 1 – ‘Outsourced’ solution – the internal audit service is provided and fully resourced by EisnerAmper Ireland;
- Option 2 – ‘Co-source’ solution – the in-house internal audit team is augmented by professional, knowledgeable and experienced resources from EisnerAmper’s Internal Audit team, who provide the balance of resources and expertise;
- Short and long-term cost flexibility and scalability;
- Professional, knowledgeable and experienced Internal Audit teams;
- An independent service and an absence of conflicts of interest; and
- An effective internal audit function providing a Risk-based approach to internal audit with a deeper level of risk coverage.
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Our Internal Audit Services for Pension Schemes typically include:
- Governance and Risk framework reviews and recommendations;
- Development and execution of internal audit plans and policies;
- Identification of internal control improvement opportunities;
- Regular assessment of the risks facing schemes and recommendations of risk mitigating actions; and
- Liaising with stakeholders such as Trustees and Administrators, Senior management, relevant support staff and the Pensions Authority.