Course description
Achieving an Effective & Efficient CASS Audit
Although the FCA has been conducting CASS audits for several years at this point, firms still face many challenges whilst looking to achieve a successful outcome. The rules and expectations of CASS audits have changed, as have the expectations of the FCA. Firms need to prove that they are complying with the CASS rules by maintaining effective control frameworks and ensuring compliance is properly evidenced.
The audit process can be extremely stressful, not to mention time-consuming, costly and a strain on regular business activity. Audits are also becoming increasingly comprehensive, resulting in a higher demand on resources of audited firms. Audits need not be a burden though, and with the right amount of preparation and planning you can not only achieve a better result but also add value to your firm.
This interactive course will provide an in-depth overview of how the audit process works, how to get into the mindset of an auditor and ultimately how to achieve an effective and efficient audit.
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Suitability - Who should attend?
Who should attend:
- CF10as seeking to make critical resource decisions
- Heads of CASS looking to manage business as usual operations alongside the audit process
- Members of the CASS team supporting the audit process for the first time
- Wider compliance team looking to increase their CASS audit awareness
- Internal audit teams increasing their knowledge of CASS frameworks and procedures
- Anyone involved in the CASS audit process
Outcome / Qualification etc.
Learning outcomes:
- Gain a thorough understanding of the CASS audit process and its timelines
- Identify what is in and of scope for a CASS audit
- Appreciate the perspective of the auditor, including their objectives and requirements
- Expand your knowledge of the different testing undertaken by an auditor
- Learn how to effectively respond to breaches and management letter points.
- Successfully manage the CASS audit process from start to finish and ensure your firm is prepared for your next audit
- Minimise the costs of an audit by making your processes more efficient
Training Course Content
Agenda:
- Audit process
- Audit scope
- FRC CASS Assurance Standard
- The insolvency mindset
- Audit planning – risk rating
- Stakeholder management
- IT dependency controls
- Control testing
- Substantive testing
- Audit report and management letter
- Repercussions of an adverse opinion