The AAF 01/20 replaced the well-established AAF 01/06 and became effective for periods beginning on or after 1 July 2020.
The concept of producing an AAF 01/20 report remains consistent however control objectives have been updated to place more reliance on IT controls and the specifics and the aim is to achieve a higher standard of controls assurance whilst putting a greater essence of reporting on management.
With the increase of pension scams and malicious attacks we are required to ensure there are internal controls in place to protect systems and mitigate risks arising.
We have found that the AAF 01/06 outlined a control objective relating to the annual report and accounts produced by pension administrators. This has become an illustrative control objective within the AAF 01/20 and is optional dependent on the Service Organisation. This is an area we would discuss with you at the planning stage to develop and highlight whether it would be beneficial to be included for prospective clients.