13 December 2018
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FRC and the New CASS Audit Regime

05 March 2018  |  7821 views  |  0 Autorek

In November 2015 the Financial Reporting Council (FRC) published its standard for audit firms on “Providing Assurance on Client Assets to the Financial Conduct Authority” (the “Assurance Standard”). This was in direct response to PS14/9 “Review of the Client Assets Regime for Investment Business” previously issued by the FCA, which in turn led to the comprehensive revision of the Client Assets Sourcebook (CASS).

he Assurance Standard covers the work that auditors need to undertake when reporting to the FCA on the compliance by financial services firms with the FCA’s CASS rules. The latter provide for the effective safekeeping of client assets and client monies. The FCA expect better recordkeeping and record retention to prove controls are in place, operating effectively and that clients are indeed protected.

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