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Pension Audit Reporting
April 2017
kpmg.ca
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WESTERN CANADA
British Columbia
Within 180 days after the end of the pension plan’s fiscal year, plan administrator must file audited financial statements if
a. the plan text document contains a benefit formula provision and the market value of the benefit formula component’s assets is at least $10 million as at the plan’s fiscal year end, or
b. the plan is a collectively bargained multi-employer plan.
Saskatchewan
Please connect with your KPMG local contact as the audit requirements are not clearly prescribed under the Act/Regulations.
Federal (Yukon, North West Territories, Nunavut)
Audited financial statements is not required if the pension fund is deposited as follows:
a. all funds are held by one insurance company in any type of account, or
b. all funds are held in the pooled funds of one trust company, or
c. all funds are held outside the pooled funds of one trust company and both of the following conditions are met:
i. there are fewer than 100 members; and
ii. there is less than $5,000,000 in total assets (fair value).
All other plans, including plans funded through a Pension Fund Society, are required to file audited financial statements within six months of the plan’s year end regardless of where the funds are deposited.
Alberta
Within 180 days after the end of the pension plan’s fiscal year, plan administrator must file audited financial statements if
a. the plan text document of the plan contains a benefit formula provision and the fair value of the benefit formula component’s assets is at least $10 million as at the plan’s fiscal year end, or
b. the plan is a collectively bargained multi-employer plan.
Manitoba
Within 180 days after the end of the pension plan’s fiscal year, plan administrator must file the pension fund’s audited financial statements for the fiscal year.
Audited financial statements requirements does not apply to a plan if:
a. the market value of the plan’s assets as at the end of the fiscal year is less than $5,000,000; or
b. all funds of the plan are held by one insurance company, in the pooled funds of one trust company, or in an annuity.
Financial reporting requirements by provinceFinancial statements requirements
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© 2017 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
What is iRadar? A Proprietary KPMG Data & Analytics tool designed specifically for portfolio valuation, analysis and reporting. It combines state-of-the-art technology and expert know-how to create a high quality and consistent valuation methodology.
Source: Pension Benefits Act/Regulations of the respective provinces
EASTERN CANADANova Scotia
Within 180 days after the end of the plan’s fiscal year, plan administrator must file the pension fund’s audited financial statements for the fiscal year.
Audit financial statements requirements does not apply to a plan, other than a multi-employer pension plan or a plan established by a pension fund society, if:
a. the market value of the plan’s assets as at the end of the fiscal year is less than $5,000,000; or
b. all funds of the plan are held by one insurance company, in the pooled funds of one trust company, or a life annuity.
Québec
The plan is exempted from having the financial report audited if the plan is uninsured and the following conditions are met:
– the plan has less than 50 members and beneficiaries.
– the market value (fair value) of its net assets is less than $1,000,000.
– the administrator has informed the members and beneficiaries of its intention not to have the financial report audited and of their right to decide otherwise at the annual meeting.
– less than one-third of the members and beneficiaries present (or represented) at the annual meeting were opposed.
Otherwise, audited financial report must be filed within six months after fiscal year end.
Ontario
Within six months after fiscal year end, audited financial statements must be filed by the plan administrator if, at the fiscal year end of a pension plan, the plan has $3,000,000 or more in assets calculated at market value.
Prince Edward Island
Please connect with your KPMG local contact as the audit requirements are not clearly prescribed under the Act/Regulations.
Newfoundland and Labrador
Please connect with your KPMG local contact as the audit requirements are not clearly prescribed under the Act/Regulations.
New Brunswick
Within nine months after fiscal year, plan administrator must file audited financial statements for defined benefit plans with at least $2,000,000 in assets. Financial statements do not need to be audited or certified for all other pension plans.
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KPMG Clara will transform the audit experience for our clients. Over time, our clients will interact with the audit through a tailored interface into KPMG Clara, bringing them audit status and progress, key findings and new business insights – and a differentiated and transformed experience with KPMG.
Over the coming years, we will incorporate concepts like advanced analysis capabilities, interactive electronic workpapers, and emerging technologies such as predictive and cognitive analysis enabled through alliance partners such as McLaren, Microsoft and IBM Watson.
© 2017 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
What is KPMG Clara? KPMG’s new electronic smart audit platform that applies a globally consistent audit approach enabling functionality and audit collaboration solutions.
Contact usAlberta (Calgary)
Trevor HammondPartner, AuditT: 403-691-7913E: [email protected]
Alberta (Edmonton)
John StelterPartner, AuditT: 780-429-6511E: [email protected]
Atlantic Provinces
Mark St. PierrePartner, AuditT: 506-860-1729E: [email protected]
British Columbia
Nik AssanandPartner, Audit T: 604-691-3104E: [email protected]
Manitoba
Shawna LounsburyPartner, AuditT: 204-957-2208E: [email protected]
Ontario (GTA)
Camilla MackPartner, Audit T: 416-777-3605E: [email protected]
Ontario (London)
James CassidyPartner, AuditT: 519-660-2177E: [email protected]
Ontario (Ottawa)
Sheldon GunnPartner, AuditT: 613-212-2893E: [email protected]
Québec
Philippe GrubertPartner, AuditT: 514-840-2608E: [email protected]
Saskatchewan (Regina)
Diane AdamsPartner, AuditT: 306-791-1225E: [email protected]
Saskatchewan (Saskatoon)
Lisa DunvillePartner, AuditT: 306-934-6272E: [email protected]
Pension ActuariesAyman AlviSenior Manager, AdvisoryT: 416-777-8176E: [email protected]
Laura HafemanSenior Manager, AdvisoryT: 416-777-8558E: [email protected]
© 2017 KPMG LLP, a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.