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AAF 01/06

New AAF 01/20 replaces AAF 01/06

Assurance reporting can provide comfort over the design, implementation and operating effectiveness of controls. We provide assurance services to trustees, directors and service providers with specific reporting requirements.

Assurance reporting is a term commonly used to refer to any type of work that provides confidence to the recipient. It can be a useful way of increasing client confidence and adding credibility to business information. As a professional accountant ICAEW firm, Assure UK can give “assurance” by expressing an opinion or drawing a conclusion over the quality of information as judged against agreed criteria. Assurance reporting by an independent expert helps a business reinforce trust with users of its services and regulators.

The full title for AAF 01/06 is “Assurance reports on internal controls of service organisations made available for third parties – Technical Release AAF 01/06”. It was the first Audit and Assurance Faculty (AAF) technical release published in 2006 – hence the name “AAF 01/06”. It was produced to provide comfort, via assurance reporting, over the design, implementation and operating effectiveness of controls. The technical release was last revised in November 2012 when the Stewardship Supplement was updated to reflect the revised UK Stewardship Code.

The AAF 01/06 is also used in conjunction with the IAASB’s ISAE3402 “Assurance Reports on Controls at a Service Organization”. Services covered in the AAF 01/06 are Custody, Investment management, Pension administration, Property management, Fund accounting, Transfer agency, Information technology (also ITF 01/07), Private equity, Investment administration, Hedge fund management and the UK Stewardship Code. Could your business benefit from an AAF 01/06 or an AAF 01/06 re-work to get best value, produced on-time and on-budget?

New AAF 01/20 replaces AAF 01/06