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Assurance on internal controls of services organisations (AAF 01/06)

Working together with stakeholders including the National Association of Pension Funds and service providers, the ICAEW issued AAF 01/06 - Assurance reports on internal controls of service organisations made available to third parties - in June 2006. AAF 01/06 supports assurance engagements to provide comfort over the design, implementation and operating effectiveness of controls.

The main body of the guidance has not been changed since then, though additions and alterations have been made to the appendices. The core guidance is also supported by supplements relating to specific situations.

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What’s new?

As new opportunities continue to arise for assurance reporting on the internal controls of service organisations, new material continues to be developed.

Stewardship Supplement revised November 2012

The revised UK Stewardship Code was issued by the Financial Reporting Council in September 2012. ICAEW has responded with a revised Stewardship Supplement to AAF 01/06.

This revised Stewardship Supplement was released on 6 November 2012, the twentieth anniversary of the issue of the Cadbury Report which was a seminal moment in the development of corporate guidance worldwide. ICAEW’s CEO, Michael Izza, discussed this in his blog.

There was no change to the main body of the guidance.

Article: Access to controls reports at service organisations

This article provides a brief explanation of who should be able to view reports on internal controls of service organisations, and the assurance reports thereon, and how difficulties in arranging access can be overcome.

What has been done?

Since its first publication in 2006, a great deal of work has been done to support and surround AAF 01/06. The most significant developments are listed here.

Stewardship Supplement revised November 2012

The revised UK Stewardship Code was issued by the Financial Reporting Council in September 2012. ICAEW has responded with a revised Stewardship Supplement to AAF 01/06.

This revised Stewardship Supplement was released on 6 November 2012, the twentieth anniversary of the issue of the Cadbury Report which was a seminal moment in the development of corporate guidance worldwide. ICAEW’s CEO, Michael Izza, discussed this in his blog.

There was no change to the main body of the guidance.

Article: Access to controls reports at service organisations

This article provides a brief explanation of who should be able to view reports on internal controls of service organisations, and the assurance reports thereon, and how difficulties in arranging access can be overcome.