The National Pensions Regulatory Authority as part of its efforts to effectively regulate the pensions industry has organised a training workshop for auditors in the country under the 3- Tier Pension Scheme.
The auditors were educated on the 3- Tier Pension Scheme and what the Authority expects from them with respect to auditing of pension funds.
In his opening remarks, Kofi Anokye Owusu-Darko, Chief Executive Officer of NPRA, reiterated the importance of auditors to the Authority and the industry as a whole.
He said, their work forms key part of the monitoring and supervision mechanism in ensuring the safety of the pension funds, whiles protecting the contributor. He continued that the Authority expected them to bring out critical issues as they identify in the reports to its attention.
The CEO however, expressed concerns about the nature of the audit reports submitted to the Authority. He informed them that, the Authority has not sanctioned any auditor yet, because appropriate training had not been given to them. He mentioned that, after the training any auditor who is found culpable will be sanctioned accordingly.
He bemoaned the fact that, if auditors don’t do their work as expected, the industry may face serious risk issues which may affect the growth of the industry and put the future of the contributors in jeopardy. He indicated that very soon, only auditors who have gone through the training will be allowed to audit pension funds.
The participants of the training workshop were taken through the Standard Scheme Auditing Reporting Format and Financial Statements and the various sanctions applicable under the National Pensions Act, 2008 (Act 766) as amended.
About 39 auditing firms and individuals attended the training workshop and expressed their appreciation to the Authority and entreated the NPRA to continue with such engagements for the safety and growth of the pension industry.