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September 27, 2010

FSA set to improve auditors’ reports in client assets

The UK Financial Services Authority (FSA) has issued a consultation paper proposing improvements to auditors’ reports on client assets. The proposal comes after a number of failings were identified in submitted reports. The consultation paper sets out 10 proposals that aim to drive improvements in the quality and consistency of auditors’ reports on client assets.

The improvements attempt to confirm and clarify the standards required in order to provide a clear focus of accountability and increase consistency of information.

The consultation paper also aims to improve a firm’s governance of auditors and compliance with client assets rules.

The FSA’s client assets sector leader Richard Sutcliffe said the regulator is disappointed in the quality of auditors’ reports reviewed and that firms should make sure they have adequate systems in place to provide the necessary assurance.

“The actions we have taken recently along with the changes we are consulting on will significantly strengthen the requirements in this regard and also mean that should we fail to see improvements we will be able to take action more easily,” Sutcliffe said.

The consultation period closes on 31 December 2010. The FSA intends to publish a policy statement during the first quarter of 2011.

 

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