Credibility, the ability to inspire belief or trust, is core to what ICAEW Chartered Accountants can do through AAF 02/07 assurance reporting. Whilst still applying to services and operations provided by expert third parties, the AAF 02/07 is a framework for assurance that extends beyond AAF 01/06 internal controls reporting. It fits naturally with providing assurance over company policies and procedures.
AAF 02/07 is used to assist the development of good practice by trustees working for occupational pension schemes applying ICAEW guidance TECH04/13 Assurance reporting on relevant trustees (Relevant trustee supplement to ICAEW AAF 02/07).
Published in March 2013, it was written for ‘Relevant Trustees’ (trustees who, as part of their business as a trustee, offer pension trustee services in relation to trust schemes and who are either on the Pensions Regulator’s Trustee Register or want to adopt this framework voluntarily). It is a compliance requirement for trustees who wish to be included on the regulator’s Trustee Register to have an AAF 02/07 TECH04/13 assurance report.
Policies and procedures covered in the ICAEW AAF 02/07 TECH04/13 Relevant trustee supplement relate to demonstrating ‘sound administrative and accounting procedures’. The key principles and associated control objectives relate to Accepting business, Key individuals’ roles and responsibilities, Administration and accounting, Risk management and Use of information technology.
The AAF 02/07 can also be used in conjunction with IAASB’s ISAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information.
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