CASS Audit Preparation

Investment firms may require a CASS Assurance Report with the type of report (reasonable assurance or limited assurance) dependent upon the permissions the firm has in relation to client money and/or assets.

As regulatory experts in the investments sector, and experienced auditors, we are well placed to help you prepare for your CASS audit.

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Planning for your CASS Audit

Listen to this episode where, Senior Manager in the Investments Team, Julie Tuffrey takes a deep dive into the necessary steps you should take when preparing for your CASS audit.

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What is a CASS audit?

The Client Assets Sourcebook (CASS) sets out the rules which a firm must adhere to when holding and controlling client money or safe custody assets. It is clear that these rules have been drafted to protect client money and assets in the case of insolvency.

A CASS audit is the undertaking of an in-depth review of the firm’s systems, procedures and governance for protecting client money and assets that they hold.

It will determine where you are adequately protecting client money and assets and where improvements can be made. Ultimately the CASS audit process will result in the auditor providing their opinion on whether the firm is meeting the CASS obligations.

How can we help?

We will undertake a pre-audit examination to identify any major gaps in the firm’s systems and procedures that are likely to be raised. We will then work in partnership with the firm to address these gaps so they are remediated in time for the firm’s formal CASS audit.

We can also prepare your team for the CASS audit through mock interviews and training your firm’s staff on the process and requirements. Get in touch to find out more.