.png)
In performing a safeguarding audit, we will review a firm's internal policies, procedures, records, and processes to assess whether these are sufficient to ensure that relevant funds are being safeguarded appropriately.
What the auditor opines on
Firms will no doubt be aware that the FCA consulted on the safeguarding regime (see our summary here). Our service will evolve in line with policy updates as they are issued, ensuring you can trust that we will always help you to fulfil your audit obligations.
The FCA recently consulted (in CP24/20) on the safeguarding regime as a whole, including audit arrangements. A proposal put forward by the FCA was ultimately to bring safeguarding requirements into the CASS rules, as CASS 15. Please click the following link for our summary of the consultation.
Please click the following link to see a table summarising the key differences between current expectations and the proposed interim rules with respect to safeguarding audits.
Yes. The fundamental principle to protect client funds is the basis of each set of requirements. The procedures followed in each type of audit are designed to check whether a firm is following this fundamental principle. Bringing the safeguarding requirements into a CASS chapter will enable auditors to streamline their approach and to more efficiently leverage expertise gained on other CASS audit engagements.
If you’re a payments or e-money firm in need of a safeguarding audit now or would like to discuss your future needs, simply fill out the form below and one of our experts will be in touch.