FCA - Designated Investment Firms Manual (UK)

Our Financial Conduct Authority (FCA) (Designated Investment Firms) Manual provides you with the current and permanent file programmes needed to undertake an FCA client assets (CASS) audit engagement for a designated investment firm, in accordance with the FRC's Client Assets Assurance Standard.

The manual also includes:

a programme to provide a limited assurance report where the firm claims not to hold client money or custody assets.

Our FCA Designated Investment Firms (DIF) Manual can be browsed online or sections of content or commentary can be downloaded in Microsoft word or PDF. There is also the flexibility to ‘customise’ a download suitable for your engagement. For every new assignment, you will need to navigate to our website to obtain the most up to date version.

Guidance notes that provide you with essential background knowledge on the scope of FCA regulation of the the designated investment firms sector. They cover the key aspects of the audit and reporting requirements for such businesses, including the FRC's Client Assets Assurance Standard.
Example letters, which include engagement terms for a limited company designated investment firm that sets out the FCA aspects of the engagement and supplementary example management representation letter points.
Example CASS 7 assurance reports for both reasonable and limited assurance engagements. (A limited assurance report in this context states that the firm did not hold client money or custody assets during the period.)
Permanent file documentation to help ensure that permanent files contain adequate specialist information.
Current file documentation to enable you to provide a CASS 7 audit report for an FCA designated investment firm, comprising of planning, completion and work programmes which cover client money, custody assets, collateral and mandates, third party administrators and sundry areas. An alternative work programme for providing the limited assurance report where no client money or custody assets are held is also provided.

May 2021
This update principally incorporates:

FRC Ethical Standard 2019 - In December 2019 the FRC issued a revised Ethical Standard. The new standard largely takes effect for audits of financial statements for periods beginning on or after 15 March 2020. This update includes a revision to the FCA DIF ethical forms and guidance notes.
Brexit - Changes from company law and financial reporting standards have been incorporated where appropriate.

December 2020
This update incorporates changes for the revision of the FRC CASS Assurance Standard in November 2019, which takes effect for CASS audit reports for periods beginning on or after 1 January 2020 (there is no scope for early adoption).

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