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Where can I get a copy of the AAF 01/06 and AAF 02/07 guidance?

Information can be found on AAF 01/06 and AAF 02/07 at icaew.com.

How can a service provider prepare for an AAF 01/06?

A service provider can do many things to prepare for an AAF 01/06 or AAF 02/07 assurance engagement. Defining control objectives and identifying related control activities is an important step in the process. Many service providers will engage a professional services firm with a background in both financial auditing and IT auditing to assist with […]

What should I consider when deciding whether to have an AAF 01/06 or AAF 02/07 assurance report?

The AAF 01/06 and AAF 02/07 are not an auditing standard and are generally not a regulatory requirement. For directors of service organisations that have had an AAF 01/06 or AAF 02/07, the experience of these reports from other organisations and the arrival of the new guidance in the form of supplements, such as TECH […]

Does the entire organisation have to have an AAF 01/06 or AAF 02/07 assurance report?

No – the entire organisation does not have to have an AAF 01/06 or AAF 02/07 assurance report. An organisation may have many business units, one of which may process transactions or provide information processing services for its customers. Therefore, an AAF 01/06 assurance report could focus on just one business unit.

What are the differences between AAF 01/06 and ISO 9001:2008?

AAF 01/06 and ISO 9001:2008 are similar in that they are recognised as global quality management standards applying to all types of organisations of different sizes. AAF 01/06 is an assurance standard based on audit principles designed to allow an ICAEW Reporting Accountant to evaluate and issue an opinion on the controls of a third […]

What are the main types of “AAF” assurance reporting standards in the UK?

The most common assurance reporting standards issued by chartered accountants in the UK are AAF 01/06, AAF 02/07. AAF 01/06 and AAF 02/07 are technical guidance issued by the Institute of Chartered Accountants in England & Wales (ICAEW) Audit and Assurance Faculty (hence the term “AAF”). Both provide comfort over the design, implementation and operating […]