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August 2, 2019

FRC consultation on proposed revisions to the CASS Standard

The Financial Reporting Council (FRC) has launched a consultation proposing limited revisions to the Client Assets Assurance Standard (CASS), which provides requirements and guidance for auditors who are required to report to the Financial Conduct Authority (FCA) on an entity’s compliance with the CASS Rules.

The standard was issued in 2015, and the revisions follow a post implementation review. Those who responded to the consultation, or attended a round table agreed that the standard had increased the quality of audit in the sector, as well as the preparedness of CASS entities for audit. The safe control and custodianship of client assets is an important area of public interest.

The proposed changes are of limited scope, and focus mainly on updates to reflect: regulatory changes to the scope of the CASS regime; changes to improve the value of reporting to those charged with governance; and some streamlining to requirements. The FCA has been consulted on the revisions, and both the FRC and FCA agree that the current priority remains to fully embed the standard. Although the quality of CASS audit has improved, the audit market is a diverse one, and further progress is needed. The consultation runs until 27 September 2019.

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