Pension Fund Auditing and Compliance Training Course

Duration 10 days 20 modules · 65 contact hours
Level Intermediate Certificate on completion
Who attends Internal Auditors, External Audit Staff and others
Fee from USD 2,200 KSh 190,000 for Kenyan organisations
Where 52 cities + online See dates by city
Next start 16 Nov 2026 Course code SD-A-129

Before you join: Participants should have practical familiarity with financial controls, audit procedures, accounting records or compliance monitoring.

Dates & prices

Two start dates a month in every city, and live online on weekdays or weekends. Fees are per participant; classroom fees include tuition, materials, lunch and refreshments, and the certificate.

Suggest a date or city

Showing the next six months. Later dates, other cities and private deliveries for your team are available on request.

Course overview

Pension funds hold long-term member assets, process recurring contributions and benefit payments, depend on specialist service providers, and operate under close regulatory scrutiny. Auditors and compliance professionals must test more than financial statement balances: they need to assess trustee governance, fiduciary duties, member data, investment custody, actuarial information, outsourced administration, IT controls and regulatory reporting. Failures can result in incorrect benefits, late contributions, misstated assets, regulatory breaches, trustee liability and loss of member confidence.

This course prepares participants to plan and perform risk-based pension fund audits and compliance reviews. It covers pension fund structures, plan documents, governance arrangements, regulatory obligations, ISA-based audit planning, contribution and benefit testing, investment valuation, actuarial evidence, outsourced service providers, fraud risk, data analytics, reporting and remediation follow-up. Participants learn to translate plan rules and regulatory requirements into testable controls, select appropriate audit procedures, assess evidence, evaluate exceptions and communicate findings to trustees and senior management.

Instruction combines focused technical briefings with pension fund cases involving defined benefit, defined contribution and hybrid arrangements. Participants work with audit programmes, risk and control matrices, contribution reconciliations, benefit calculations, custodian confirmations, compliance registers and trustee reporting formats. They leave with a reusable pension fund audit file structure, including an audit planning memorandum, risk and control matrix, testing programme, compliance monitoring plan and trustee report template.

The course is suited to internal auditors, external audit staff, pension fund accountants, compliance officers, trustees, administrators and finance professionals who review or oversee pension fund operations. It is relevant for occupational, public-sector, corporate and multi-employer pension arrangements, subject to the applicable local legal and regulatory framework.

What you will be able to do

  • Plan risk-based pension fund audits using ISA 315, materiality and audit assertions
  • Test contribution, payroll and membership controls using reconciliations and exception analysis
  • Evaluate benefit payment controls, member data integrity and payment authorisations
  • Reconcile investment holdings, income, valuations and custodian records
  • Assess actuarial reports, specialist evidence and pension fund financial statement disclosures
  • Design compliance monitoring plans, breach registers and regulatory testing procedures
  • Report audit findings using clear ratings, root-cause analysis and accountable action plans
  • Produce a complete pension fund audit plan and trustee reporting pack

Benefits of attending

For you

  • Produce pension-specific audit programmes rather than adapting generic control checklists
  • Evaluate contribution and benefit exceptions with stronger evidence and clearer conclusions
  • Challenge outsourced administrator and custodian controls using ISAE 3402 reports
  • Discuss actuarial assumptions and investment valuation evidence with relevant specialists
  • Present audit findings to trustees using defensible ratings and action tracking

For your organisation

  • Improves detection of late contributions, incorrect benefits and member-data errors
  • Strengthens trustee oversight of outsourced administrators, custodians and investment managers
  • Creates consistent audit documentation across pension fund financial and operational reviews
  • Reduces regulatory exposure through structured compliance testing and breach escalation
  • Provides management with clearer remediation priorities, owners and closure evidence

Course modules

20 modules over 10 days

Participants can map pension fund operations and identify the main audit implications of each operating model.

  • Defined benefit, defined contribution and hybrid plan operating models
  • Trustee, sponsor, administrator, custodian and investment manager accountabilities
  • Plan documents translated into auditable obligations and control objectives
  • Participant lifecycle from enrolment through retirement, death and transfers
  • Funding, benefit payment and investment flows mapped end to end
  • Audit implications of outsourced pension administration and pooled arrangements

Participants can identify applicable pension obligations and incorporate them into audit and compliance planning.

  • ERISA fiduciary duties and prohibited transaction concepts where applicable
  • Local pension regulator reporting, registration and filing obligations
  • Tax qualification conditions, contribution limits and benefit restrictions
  • IAS 26 reporting requirements distinguished from sponsor accounting requirements
  • IFRS and local GAAP differences documented in audit planning
  • Regulatory change registers linked to compliance testing procedures

Participants can assess whether pension fund governance arrangements support effective oversight and accountability.

  • IIA Three Lines model applied to pension fund assurance
  • Trustee terms of reference tested against statutory responsibilities
  • Delegated authority matrices reconciled to investment and benefit approvals
  • Minutes reviewed for conflicts, decisions, challenges and follow-up actions
  • Annual governance calendars aligned with filings, valuations and meetings
  • Related-party registers tested against disclosure and approval requirements

Participants can build a pension fund risk and control matrix that drives audit coverage.

  • Risk universe covering fiduciary, operational, investment, liquidity and conduct exposures
  • Likelihood-impact scoring calibrated using defined risk assessment criteria
  • Risk and control matrices linking objectives, risks and controls
  • Key risk indicators designed for contribution, benefit and custody exceptions
  • Residual risk ratings supported by control design evidence
  • Audit universe prioritised through materiality, regulatory exposure and control reliance

Participants can prepare a risk-based pension fund audit strategy with clear scope and materiality.

  • ISA 315 risk assessment applied to pension fund financial reporting
  • Materiality, performance materiality and trivial thresholds calculated for pension fund audits
  • Assertions mapped to investments, contributions, benefits and member liabilities
  • Audit strategy distinguishes controls reliance from substantive testing approaches
  • Engagement letters define scope, responsibilities, reporting criteria and access
  • Planning memoranda document fraud risks, specialists and timing

Participants can obtain, evaluate and document sufficient appropriate audit evidence for pension fund reviews.

  • ISA 500 evidence criteria applied to pension records and reports
  • Inspection, observation, inquiry, recalculation and reperformance selected by assertion
  • External confirmations requested from custodians, banks, administrators and investment managers
  • Management representations evaluated against contradictory audit evidence
  • Working papers cross-reference objectives, procedures, evidence and conclusions
  • Audit trails reconstructed from source transactions to financial statement balances

Participants can test the completeness, accuracy and timeliness of pension contributions and member records.

  • Employer payroll interfaces reconciled to plan membership and contribution schedules
  • Contribution rates tested against plan rules, payroll codes and caps
  • Late remittances identified through due-date testing and bank reconciliation
  • Participant census data tested for completeness, validity and eligibility
  • Exception reports investigated using root-cause analysis and remediation ownership
  • Unallocated cash and suspense accounts analysed for ageing and resolution

Participants can test benefit processing controls and identify payment accuracy risks.

  • Benefit calculations recalculated using plan formulae, service and salary data
  • Retirement, disability, death and transfer cases sampled by risk
  • Authorisation controls tested for payment setup, amendments and overrides
  • Bank account changes examined for maker-checker evidence and anomalies
  • Overpayments, underpayments and recoveries assessed against plan rules
  • Deceased member screening matched against benefit payment populations

Participants can audit pension fund investments, custodial arrangements and fair value evidence.

  • Investment policy statements translated into audit criteria and portfolio limits
  • Custodian holdings reconciled to investment manager records and general ledger
  • Trade-date, settlement-date and valuation-date cut-off procedures applied
  • Fair value hierarchy classifications tested under IFRS 13 requirements
  • Derivative positions examined for existence, valuation and collateral controls
  • Investment income recalculated from coupons, dividends, fees and corporate actions

Participants can assess actuarial evidence and determine its effect on audit conclusions.

  • Actuarial valuation reports assessed for data, assumptions and methodology
  • Participant data reconciliations tested before actuarial model input acceptance
  • Discount rates, mortality tables and salary assumptions challenged appropriately
  • Funding status traced between actuarial reports, accounts and trustee communications
  • Actuary competence, objectivity and scope evaluated under ISA 500
  • Subsequent experience reviewed for indicators of estimation bias

Participants can test pension fund financial statements and related disclosures against applicable reporting requirements.

  • IAS 26 financial statement components mapped to audit assertions
  • Statement of net assets tested for classification and presentation
  • Changes in net assets reconciled to contributions, returns and benefits
  • Notes checked for investments, actuarial information and related-party disclosures
  • Comparatives, prior-period adjustments and events after reporting date evaluated
  • Financial statement tie-outs completed before partner or trustee review

Participants can assess outsourced pension processes and determine reliance on service organisation controls.

  • ISAE 3402 reports assessed for scope, period and control relevance
  • Complementary user entity controls identified and tested at fund level
  • Service organisation exceptions evaluated against affected assertions and populations
  • Data transfer controls tested across administrator, custodian and payroll interfaces
  • Service-level agreements inspected for reporting, incident and escalation obligations
  • Right-to-audit clauses assessed for access to outsourced evidence

Participants can assess IT-dependent pension controls and use data analysis to target exceptions.

  • General IT controls assessed for access, changes, operations and interfaces
  • User access populations tested for joiners, movers, leavers and privileged accounts
  • Automated benefit calculations validated through configuration inspection and test cases
  • Interface reconciliations tested for record counts, rejects and corrections
  • Data analytics profile duplicate payments, unusual bank accounts and aged exceptions
  • Cyber incidents assessed for reporting, member data and operational impacts

Participants can identify and test fraud risks affecting pension fund assets, payments and governance.

  • ISA 240 fraud risk factors applied to pension fund processes
  • Journal entry testing targets manual postings, unusual users and period-end entries
  • Conflict-of-interest declarations compared with vendor and investment manager relationships
  • Whistleblowing arrangements assessed for confidentiality, investigation and trustee oversight
  • Asset misappropriation scenarios tested across payments, expenses and custody transfers
  • Fraud response protocols document escalation, evidence preservation and legal advice

Participants can select defensible samples and evaluate the implications of control and transaction exceptions.

  • ISA 530 sampling approaches selected for homogeneous and high-risk populations
  • Random, systematic and monetary-unit sampling compared for audit objectives
  • Sample sizes determined from risk, expected deviation and tolerable misstatement
  • Population completeness verified before extracting samples from source systems
  • Exceptions projected, investigated and evaluated for additional audit procedures
  • Data analytics stratify high-value transactions and identify outliers

Participants can build a compliance monitoring process for pension obligations, submissions and breaches.

  • Compliance obligations converted into testable controls, owners and frequencies
  • Annual compliance plans schedule regulatory returns, policies and attestations
  • Control self-assessments challenged using evidence-based review criteria
  • Breach registers classify incidents by impact, reporting deadline and remediation
  • Regulatory submissions reconciled to underlying records before authorised sign-off
  • Compliance dashboards report overdue actions, trends and residual exposures

Participants can develop actionable findings and verify that corrective actions resolve underlying causes.

  • Root-cause analysis distinguishes process failure, human error and control design
  • Findings rated using impact, likelihood, regulatory consequence and recurrence
  • Recommendations specify action, owner, due date and evidence of closure
  • Management responses challenged for feasibility, accountability and risk reduction
  • Audit issue logs track remediation progress and overdue commitments
  • Follow-up testing verifies sustained operation after corrective action implementation

Participants can communicate pension fund audit conclusions clearly to trustees and management.

  • ISA 260 communications structured for trustees, management and those charged with governance
  • ISA 265 deficiencies communicated with severity, evidence and recommendations
  • Qualified, adverse and disclaimer opinions distinguished from internal audit conclusions
  • Audit reports separate scope limitations, findings, opinions and management actions
  • Trustee reporting packs prioritise material risks, breaches and decisions
  • Clear writing techniques remove ambiguity from audit observations

Participants can assemble an annual pension fund audit plan with suitable resources and quality controls.

  • Annual audit plans balance regulatory commitments, cyclical coverage and emerging risks
  • Resource budgets estimate hours, specialist input, travel and contingency
  • Audit programmes assembled for contributions, benefits, investments and financial reporting
  • Stakeholder maps identify trustees, executives, administrators, actuaries and regulators
  • Opening meeting agendas establish evidence requests, protocols and milestones
  • Quality review checklists assess independence, supervision, documentation and conclusions

Participants can build, review and present a complete risk-based pension fund audit and compliance work package.

  • Scoping memorandum defines mandate, criteria, materiality and key risks
  • Risk and control matrix covers contributions, benefits, investments and outsourcing
  • Audit programme specifies assertions, procedures, samples and evidence sources
  • Selected exceptions receive root-cause analysis, ratings and remedial actions
  • Draft trustee report communicates opinion, findings, breaches and priorities
  • Peer review challenges evidence sufficiency, logic and report clarity
  • Presentation defends audit judgements before a simulated trustee committee

Exercises and examples are adapted to each cohort's sectors and roles.

What you take back to work

  1. Pension fund audit planning memorandum template
  2. Pension risk and control matrix
  3. Contributions and benefits testing programme
  4. Outsourced service-provider assurance review checklist
  5. Compliance monitoring plan and breach register
  6. Trustee audit report template

Who should attend

  • Internal Auditors — need structured programmes for testing pension fund risks and controls
  • External Audit Staff — need pension-specific evidence, assertions and financial reporting procedures
  • Pension Fund Accountants — need to prepare records and reconciliations for audit scrutiny
  • Compliance Officers — need to monitor pension obligations, breaches and regulatory submissions
  • Pension Fund Administrators — need to strengthen contribution, benefit and member-data controls
  • Trustees and Governance Officers — need to challenge assurance findings and remediation progress

Skills and tools covered

Pension audit planningContribution testingBenefit payment controlsInvestment audit proceduresCompliance monitoringTrustee reporting

Tools and standards

ISA 315, ISA 500, ISAE 3402, IAS 26

How the course runs

Training methodology

The course uses short technical briefings followed by case-based analysis of pension fund records, controls and reporting issues. Participants examine plan rules, audit evidence, reconciliations, benefit calculations, custodian reports, actuarial information and service-provider assurance reports. Group exercises apply risk assessment, sampling, control testing, exception evaluation and finding ratings to realistic scenarios. Simulated trustee discussions build confidence in presenting audit conclusions and responding to challenge. Each participant develops application actions for their own pension fund, audit or compliance responsibilities.

Requirements and prerequisites

Participants should have practical familiarity with financial controls, audit procedures, accounting records or compliance monitoring. Experience in pensions, payroll, investments, fund administration or trustee support is useful but not essential. Participants should be comfortable reading financial statements, reconciling records and interpreting policy documents. The course assumes no actuarial qualification, investment management credential, legal qualification or prior use of specialist audit software. It does not replace jurisdiction-specific legal advice or formal external auditor licensing requirements.

A typical training day

08:30 – 10:30First session
10:30 – 10:45Refreshment break
10:45 – 12:30Second session
12:30 – 13:30Lunch and networking
13:30 – 15:00Third session
15:00 – 15:15Refreshment break
15:15 – 16:30Workshop and daily review

Live online deliveries follow the same structure in East Africa Time, with shorter screen blocks and longer breaks.

What the fee includes

  • Instruction by a practitioner facilitator
  • Full course workbook and materials
  • Exercise files, templates and case studies
  • Refreshments and lunch on classroom deliveries
  • Certificate of completion
  • Post-course application plan

Frequently asked questions

Participants should understand basic audit, accounting, compliance or financial-control concepts. Prior pension fund experience is useful but not required; the course explains fund structures, operating flows and key terminology before advanced audit work begins.

Bring a laptop for reviewing templates and working with course materials. Participants may also bring non-confidential examples of their audit plans, compliance calendars, plan rules or control issues for application planning.

It is designed for internal and external auditors, pension fund accountants, compliance officers, administrators, governance staff and trustees. It is particularly useful for professionals who must review pension fund controls or respond to audit findings.

The course focuses on pension-specific risks: member data, contributions, benefits, actuarial information, investment custody, trustee governance and service-provider controls. General audit principles are applied directly to pension fund records, obligations and reporting.

Participants can use the audit planning memorandum, risk and control matrix, testing programmes and reporting templates in their next pension audit or compliance review. The materials can also support conversations with trustees, administrators, custodians and actuaries.

Each training day runs from 08:30 to 16:30 and provides about 6.5 contact hours. The first week establishes pension operations, audit planning and core testing, while the second week covers specialist risks, reporting, remediation and the final capstone work package.

Questions about this course?

Ask about dates, fees, group bookings or running it for your team. Our training team replies by email.

Ask on WhatsApp info@skillsetdevelopment.com

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