Auditors must improve the quality and consistency of their reports on client assets after serious failings were identified, the FSA says.
Providing 'clean' reports despite the firm committing significant breaches of the client asset rules was just one of a number of failings uncovered. As part of a consultation issued today to drive improvements in this aspect of auditors' roles, the FSA aims to increase the information provided in the reports so it can better utilise it to undertake both firm and thematic reviews. It also aims to improve firms' governance oversight of both their auditors and their compliance with the client assets rules. Richard Sutcliffe, FSA client assets sector leader, says: "It is ultimately a f...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
