Considerations when preparing for your CASS Audit: Anthony Vella ??
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In the 9th edition of the JCR Journal, we speak to Anthony Vella about CASS audits and what you should consider when preparing for one.
Anthony is a Chartered Accountant with over 12 years' experience in CASS and Internal Audit. All of Anthony's thoughts and opinions below are his own.
Why is a successful CASS audit so important?
A successful CASS audit is important for several reasons. It helps build a strong working relationship with the CASS audit team and the firm's CASS team. Auditor identified breaches helps the firm improve its CASS governance, oversight and culture. The FCA has better insight to CASS trends and issues. Helps the firm to improve segregation and protection of their clients' assets.
How have CASS audits changed in recent years?
Introduction of technology to the CASS audit to improve the efficiency and accuracy of audit procedures. For example, an Acknowledgement Letter bot can compare multiple firm acknowledgement letters to the FCA acknowledgement letter templates in the FCA CASS rulebook CASS 7 Client money annex 2 section. In a matter of minutes, the bot produces a report that outlines deviations of the firm's acknowledgement letters to the FCA template. This promotes an efficient, complete and accurate CASS audit procedure.
What 3 things would you recommend focusing on when preparing for a CASS audit?
There are many areas to focus on when preparing for a CASS audit. My top three would be:
?? Understanding the firm, the industry the firm operates in and its CASS products and services
?? The firm's Total Capture Matrix / CASS footprint and its controls and rules mapping document
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?? The prior year FCA CASS report and the prior year deficiencies in internal controls report to identify elevated CASS audit risk areas
What transferable skills work well for someone looking to start a career as a CASS auditor?
Some transferable skills for someone looking to start a career in CASS audit would be knowledge over the FCA CASS rulebook, exposure to a risk and control environment, a questioning and sceptical mindset and developing strong client relationships.?
What is a useful exercise for CASS leaders in the run up to the CASS audit?
Develop an audit plan and project plan in advance of starting the audit. Make sure the CASS audit is adequately resourced and team members have the appropriate CASS skill set to complete the audit.?
A huge thank you to Anthony for his insight into CASS audit??
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