How to access TECH 05/20 AAF
This publication is free to download for ICAEW members, Audit and Assurance Faculty members, Faculties Online and International Standards Subscribers.
About TECH 05/20 AAF
Master Trust schemes are multi-employer occupational pension schemes, as defined by the Pensions Schemes Act 2017.
Each Master Trust must be authorised by The Pensions Regulator. The Pensions Regulator is also responsible for the ongoing supervision and oversight of each Master Trust to ensure it continue to meet the authorisation criteria. As part of this process, the regulator requires each Master Trust to complete an annual supervisory return.
In the supervisory return, Master Trusts must demonstrate that the trustee board has oversight of, and monitors, certain governance activities and arrangements and relevant systems and processes. External assurance on these governance procedures is one way which Master Trusts can demonstrate that these responsibilities have been fulfilled.
TECH 05/20 AAF provides guidance for those undertaking assurance engagements on the governance control procedures established by trustees of Master Trusts. Produced with input from the Pensions regulator, the Technical Release provides the know-how to help to scope and perform these engagements effectively. The guidance is also intended to help promote consistency in approach.
Note to users
This technical release was issued by the Audit and Assurance Faculty of the Institute of Chartered Accountants in England and Wales in April 2020. The applicable assurance framework for this technical release is ISAE 3000 (Revised), International Standard on Assurance Engagements: Assurance Engagements Other Than Audits or Reviews of Historical Financial Information. In July 2020 the Financial Reporting Council (FRC) published International Standard on Assurance Engagements (UK) 3000: Assurance Engagements Other Than Audits Or Reviews Of Historical Financial Information. This standard is mandatory for public interest assurance engagements specified by the FRC and voluntary for other assurance engagements, including engagements done in line with TECH 05/20 AAF. This technical release does not currently reflect the revised standard, but for more information about it, please visit icaew.com/ISAEUK3000.
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