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AAF 01/20 replaces AAF 01/06 in 2020!

AAF 01/20 The keenly awaited update for AAF 01/06 became available in January 2020 with Control Objectives for administrators, investment managers and other data recording industry. Technical release AAF 01/20 replaces AAF 01/06 reporting for periods beginning on or after 1 July 2020. Early adoption is encouraged. The revised Control Objectives can be found in […]

The Benefits of Assurance Reporting

What is Assurance reporting? Assurance is provided to give its recipients ‘piece of mind’. There are different types of assurance reports, they can be for internal and external use, the reports provide confidence to stakeholders in regards to the systems and processes your business has in place. These reports highlight how risks are being managed […]

Service Auditors Should Rethink and Reinvent AAF, ISAE and SOC Evidence Using Data Analytics

Audit quality can be enhanced through using data analytics, and bring about more meaningful and quicker results to benefit the regulator, management and auditors. Data analytics is a practical approach to manage the way data flows through information systems. Consider for instance how AAF, ISAE and SOC internal controls reporting would benefit from an analysis […]

Coping with the Demands of Assurance: How to Reduce Cost and Improve Effectiveness – Part 2

Agreed upon Procedures A business may commission an “Agreed upon procedures” report, specifying a range of controls on which they wish to receive assurance that they are operating effectively. This may be used in response to requests from potential clients who would like re-assurance that certain controls on which they are reliant are effective.   […]

Coping with the Demands of Assurance: How to Reduce Cost and Improve Effectiveness – Part 1

The demands on businesses to provide assurance to stakeholders that they are effectively managing their risks has grown significantly since the financial crisis in 2008, and the responsibilities of Boards of Directors in meeting these demands has been the focus of significant attention. On top of this, the challenges of rapid technological change have seen […]

New DC governance code consultation: a comparison with the master trust assurance framework

“I now call on this audience to respond to the consultation to help ensure the code is as useful as it can be in assisting delivery of the high standards of governance and administration required to safeguard members’ retirement savings.” – Andrew Warwick-Thompson, Executive Director at The Pensions Regulator (TPR) The Pensions Regulator published on 24 […]

Renewable Heat Incentive: New Sustainability Audit Guidance for Participants and Auditors

Ofgem has issued Non-Domestic Renewable Heat Incentive (RHI): Sustainability Guidance for Participants and Auditors since some participants will need to have their submissions annually audited. Affected participants are all biomass and biogas participants who are ‘self-reporting’ and have an installation of 1MWth and above, and all biomethane participants. From 5 October 2015 the government introduced […]

Better Assurance – How to Escape from “Audit Groundhog Day”: Idea 2: Co-produce IT!

The diagram below is a well-known COBIT framework of IT Governance and Control. It sums up all the key areas that Board of directors have to put in place and carry out in order for their organisation to thrive. What can auditors do to help make this happen? What must auditors stop doing in order […]

New Renewables Obligation: Sustainability Audit – Guidance for Operators and Auditors

Ofgem issued guidance on how to comply with the annual sustainability audit report requirements under the renewable obligations in England, Wales and Scotland for operators and auditors on 1 April 2014. The Renewables Obligation (RO), the Renewables Obligation (Scotland) (ROS) and the Northern Ireland Renewables Obligation (NIRO) are designed to incentivise large-scale renewable electricity generation […]

How to Escape from “Audit Groundhog Day”: Idea 1: Have a rethink!

New thinking for innovation in audit comes from the RSA (Royal Society of Arts) and the ICAEW (Institute of Chartered Accountants England & Wales) in a joint report Enlightening Professions? A vision for audit and a better society. This report reworks our thinking on how audit could flourish. Andrew Riley was at the launch event […]

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