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Keep yourself up to date with the newest Technical Releases

Stay up to date on assurance and reporting developments with our latest Technical Releases.

The Audit and Assurance Faculty has worked with volunteers to produce new Technical Releases during 2020.Guiding the light

 

 

They include:

  • Assurance reporting on Master Trusts (TECH 05/20 AAF);
  • Solicitors Regulation Authority (SRA) Accounts Rules: Guidance for reporting accountants following the 2019 changes (TECH 03/20 AAF);
  • ATOL Reporting Accountants – Reporting to the Civil Aviation Authority (TECH 02/20 AAF); and
  • Assurance reports on internal controls of service organisations made available to third parties (TECH 01/20 AAF).

These Technical Releases contain know-how to aid with scoping and performing these engagements effectively and to promote consistency in approach. They were produced with input from relevant regulators.

TECH 05/20 AAF offers guidance on the performance of assurance engagements on governance control activities established by trustees of Master Trusts, multi-employer occupational pension schemes that are defined by the Pensions Schemes Act 2017.

The Pensions Regulator authorises Master Trusts and requires them to complete an annual supervisory return to demonstrate that the trustee board has appropriate oversight of certain governance activities, arrangements, systems and processes. TECH 05/20 AAF provides guidance for those performing external assurance engagements on these governance control procedures.

TECH 05/20 AAF is effective for reporting periods beginning on or after 31 March 2020. It is a standalone release that replaces TECH 12/16 AAF (Master Trust Supplement to TECH 02/07 AAF). 

TECH 03/20 AAF provides guidance for reporting accountants on accountant’s reports being prepared for law firms, following the introduction of new SRA Accounts Rules.

The SRA sets these rules to establish rules, principles and codes of conduct for firms and solicitors handling client money. TECH 03/20 AAF discusses the rules, role of the reporting accountant and form of their report, and practical implications of SRA changes effective from 25 November 2019.

There are two Technical Releases to help accountants perform these engagements before, after and for periods straddling the rule changes. The other is the earlier TECH 16/15 AAF Solicitors Regulation Authority (SRA) Accounts Rules: Interim guidance for reporting accountants following changes to the Accountant’s Report.

An article outlining what’s changed is available and a recorded webinar. 

TECH 02/20 AAF sets out good practice guidance for ATOL reporting accountants on how to perform engagements to report on aspects of the information that ATOL holders must submit to the Civil Aviation Authority (CAA) in order to obtain and renew their ATOL licence.

ATOL protection acts as a safeguard for UK holidaymakers booking package holidays, in the event that their travel provider becomes insolvent. Providers offering these holidays must hold an ATOL licence, which is provided for no longer than one year.

TECH 02/20 AAF reflects changes to the ATOL regulations in 2018 and replaces TECH 09/16 AAF.

Members may find the third edition of ICAEW’s ATOL News helpful (at https://www.icaew.com/technical/audit-and-assurance/regulation-and-working-in-audit/working-in-the-regulated-area-of-audit/become-a-licensed-practice/atol-news/atol-news-february-2020).

TECH 01/20 AAF offers guidance for practitioners performing assurance engagements and providing opinions on controls over the outsourced activities that service organisations perform for their clients. This Technical Release also provides high-level guidance for senior management in service organisations that prepare the report on internal controls on the specific services; it may also help entities – using service organisations – to understand the scope and type of assurance these reports provide.

TECH 01/20 AAF is effective for reporting periods beginning on or after 1 July 2020. It contains new guidance and replaces TECH 01/06 AAF.

An article on TECH 01/20 AAF is available and a faculty webinar.

All Audit and Assurance Faculty Technical Releases are available.