Assurance reports on internal controls of service organisations made available to third parties AAF 01/06

In June 2006 the Institute of Chartered Accountants in England and Wales (ICAEW) issued guidance to reporting accountants on undertaking assurance engagements and providing reports in relation to the internal controls of service organisations. This guidance was developed by a joint working party that included representatives from the National Association of Pension Funds (NAPF), the pension administration services industry as well as investment custodians and managers. The guidance represents a significant step forward for internal controls reporting in the UK through improved consistency and a higher level of assurance reporting. This article looks at why it should be of interest to trustees of occupational pension schemes and how it can assist trustees in achieving their scheme governance objectives.

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