Following a consultation and feedback statement the FRC has published the updated Client Assets Assurance Standard on 26 November 2019.
Following a consultation and feedback statement the FRC has published the updated Client Assets Assurance Standard on 26 November 2019.
The standard was originally developed in 2015 to support auditors providing assurance to the Financial Conduct Authority (FCA) in respect of Client Assets (CASS audits). The FRC performed a post implementation review of the efficacy of the standard, a process which included a Call for Feedback in December 2018 and a consultation on detailed revisions issued in August 2019. In addition its outreach program included a series of round table meetings to understand the issues which are of greatest concern to the sector.
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