FCA Investment Firms Manual (formerly FCA-DIF Manual)
Our FCA Investment Firms Manual provides you with the current and permanent file programmes needed to undertake an FCA client assets (CASS) audit engagement for an 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 Investment Firms 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 investment firms sector including the introduction of the new prudential regime (IFPR) for MiFID firms. 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 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.
April 2023
The principal technical changes in this update include the removal of content relating to the now superseded ISQCs and consequential amendments arising as a result of this.
In addition, minor amendments / improvements have been made to other sections of the package, including updating engagement letters to reflect latest guidance.
March 2022
The principal technical changes in these updates relate to:
- The introduction of the Investment Firm Prudential Regime (IFPR); and
- The introduction of the new suite of Quality Management Standards (ISA 220, ISQM 1 and ISQM 2).
The IFPR is effective from 1 January 2022. The revised suite of Quality Management Standards (ISA 220, ISQM 1 and ISQM 2) are effective from 15 December 2022, with early adoption permitted.
Changes to ISA 240 The auditor's responsibilities relating to fraud in an audit of financial statements, and ISA 315 Identifying and assessing risk of material misstatement are both effective periods commencing on or after 15 December 2021. Although these do not directly impact the FCA Investment Firms Manual, there have been changes made to the references of some planning documents in this manual.
| Annual subscription fee | |
|---|---|
| Sole Practitioner / Non-Audit Firm* | £160.00 |
| Audit registered firms with 2-4 RIs* | £260.00 |
| Audit registered firms with 5-9 RIs* | £360.00 |
For 10 or more RIs please contact us at sales@mercia-group.com or call 0330 058 7141.
*Mercia Members receive a 10% discount.
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