FSA pans auditors over client asset reports

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...