Regulations for Auditing Pension Funds
The present practice whereby pension funds are audited independently at different periods with the PFAs and PFCs, has led to incomplete and incomprehensive audit reports of the funds. This practice impinges on balanced regulatory judgment and is of concern to the Commission.
The foregoing have made it imperative for the Commission to develop draft regulations for the auditing of pension funds. By these Guidelines, all Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs) shall continue to cause their accounts to be audited, in line with the provisions of Section 56(2) of the Pension Reform Act (PRA) 2004.