AAF 01/06 - Assurance reports on internal controls of service organisations made available to third parties (Appendix 1 expanded June 2009) (Appendix 8 introduced October 2010)
Working together with stakeholders including the National Association of Pension Funds and service providers, the ICAEW issued AAF 01/06 in June 2006.
Appendix 1 expanded June 2009
In June 2009, ICAEW expanded Appendix 1 and it now includes illustrative material for service providers who undertake investment administration, private equity management and hedge fund management (Appendix 1 (h)-(j)). Conforming changes to the existing control objectives for other sectors were also made (Appendix 1 (b) and (e)).
There is no change to the main body of the guidance.
Appendix 8 introduced November 2010
A new pro forma reporting accountants’ assurance report implementing International Standard on Assurance Engagements (ISAE) 3402 Assurance reports on Controls at a Service Organisations issued by the IAASB in December 2009 is now included in Appendix 8. To enable issuers to report on controls other than financial reporting controls, the report refers to ISAE 3000 in addition to ISAE 3402. Appendix 8 may be applied immediately.
There is no change to the main body of the guidance.
Stewardship Supplement March 2011
The Stewardship Supplement is intended to assist asset managers to obtain an independent assurance report on their commitment to the UK Stewardship Code based on the framework set out in AAF 01/06. The UK Stewardship Code was issued by the Financial Reporting Council in July 2011. This guidance on assurance reporting is focused on Principles 1, 2, 6 and 7 of the Code that are considered ‘objectively verifiable’ at present. An earlier draft was exposed for comment and the analysis of responses is available from the link below.
There is no change to the main body of the guidance.
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