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March 24, 2011

FSA issues rules for client assets reports

The UK Financial Services Authority (FSA) has
issued ten rules for auditors’ client assets reports, following a
review by the regulator’s specialist client asset unit found
failings in the quality and consistency of reports.

The FSA says the new requirements will provide
firms and their external auditors with a clear focus of
accountability, increase the quality and consistency of information
required and improve firms’ governance oversight of their
auditors.

Richard Sutcliffe, leader of the FSA’s client
assets unit, said the new rules will make it “crystal clear” for
firms what is required of their external auditors.
“Should we fail to see improvements, we will be able to take action
more easily,” he said.

The rules will come into force on 1 June 2011,
with transitional provisions ending 29 September 2011.

Related Links:

FSA Policy
Statement 11/5 – Auditors’ client assets report

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