The Financial Reporting Council (FRC) has published a new assurance standard for audit firms to follow when they are giving assurance on client assets and client monies to help tighten up the current regime. 

Who is affected?

The new standard affects firms who hold or control client money or safe custody assets as part of their business. These firms follow rules detailed in the Client Assets Sourcebook (CASS) which ensures client assets and money are kept safe should the firm fail. 

Whilst the CASS rules have not changed, the new standard will have a significant impact on regulated financial services firms. The new standard is applicable for periods commencing on or after 1 January 2016 and there are number of key changes to be aware of. 

What do you need to do?

We have summarised these headline changes and the action you need to take in our FRC client assets assurance standard: Are you ready? guide.

How our team can help

Our Edinburgh based CASS team can help you ensure you are compliant with the new standard. We undertake a range of CASS audits and offer specialist bespoke advice. Get in touch with me, Scott Holmes, or another member of the CASS team to find out more. 

CASS Audit team:

Scott Holmes,, Audit Partner, scott.holmes@jcca.co.uk

Jackie Delima, Financial Services Assistant Manager, jackie.delima@jcca.co.uk

Find out more about the other Audit and Assurance services provided by Johnston Carmichael.