ICAEW consults on service company internal controls assurance
Update proposals include guidance for service auditors, as well as more practical examples on control objectives and reporting, to ensure they can be used by a broader range of accountancy firms.
ICAEW is seeking comments on proposed updates to its guidance on assurance reports on internal controls of service organisations made available to third parties (Technical Release 01/06 AAF) in a public consultation.
One of the primary objectives of the proposed amendments, developed with the help of a working party set up by the ICAEW Audit and Assurance Faculty (AAF), is to ensure that the guidance can be used by a broader range of accountancy firms. With this in mind, the proposed changes include further guidance for service auditors, as well as more practical examples on control objectives and reporting.
Dr Nigel Sleigh-Johnson, Head of Financial Reporting, Audit and Assurance at ICAEW, said: “Tech 01/06 is internationally-recognised and underpins the work of firms of accountants in this area. The proposed changes to the existing guidance are important and should improve its accessibility.
He added: “We’ve already received some valuable feedback from stakeholders through a pre-consultation process and would strongly encourage others to respond to the public consultation.
ICAEW begins consulting on the proposed changes and invites interested parties to provide feedback, in writing or in person, by 30 September.
Feedback should be submitted to Alison Dundjerovic via email to firstname.lastname@example.org or by phone on 020 7920 8502.
Details of the proposals can be found at Assurance on internal controls of services organisations (AAF 01/06).
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