ICAEW launches consultation on assurance reports

Released 28 August 2019

The Institute of Chartered Accountants in England and Wales (ICAEW) has formally released its consultation of TECH 01/06AAF Assurance reports on internal controls of service organisations made available to third parties. This follows the release of the exposure draft in July 2019.

TheICAEW highlights the following key changes that are to be made:

1expanded introduction on assurance engagements;

2expanded guidance for senior management of service organisations, particularly in terms of the description of the service organisation’s control activities;

3expanded guidance to auditors;

4revision of the control objectives to reflect current risks face;

5control objectives specified in two new areas of fiduciary management and property investment administration, and removal of the separate control objectives for hedge fund management; and

6withdrawal of the stewardship supplement in line with the FRC’s new Stewardship Code which does not reference the guidance.

The exposure draft asks four questions, and invites responses by 30 September 2019. The ICAEW aim to release the revised version in October 2019.

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