AAF 01/20 (Audit & Assurance faculty)

EXPERIENCE AUDITOR FOR SECURITY AUDIT.

* Only for the business in united kingdom.

* Applicable to the financial services provider

Industry-Recognized Expertise
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Industry Alignment

Global Community
Trusted Certification
Stay Ahead with AAF 01/20

Expert Insights
Streamlined Compliance

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Key Enhancements under the New Guidance

Experience the Evolution of AAF 01/20 – Uncover What's New

Control Objectives

Unveil refined control objectives tailored to various industries, including enhanced IT control objectives for data integrity and cyber risk management.

Sub-service Organizations

Embrace enhanced disclosure and governance control activities for sub-service providers, ensuring comprehensive oversight.

Management Statement

Witness the shift from Director's Report to a comprehensive Management Statement, revealing deeper insights into control activities.

Templates & Guidance

Access updated templates and guidance for seamless report preparation, fostering consistency and clarity.

Service Auditors

Embrace increased expectations on service auditors, including rigorous testing and enhanced detection of subsequent events.

700 +

Trusted Clients

7 +

Awards

34 +

Years of Experience

115 +

Experts

Types of AAF

Advanced Auditing Techniques

Master advanced techniques to enhance audit quality.

Risk Management Strategies

Develop strategies to identify and mitigate risks effectively.

Assurance Innovations

Stay up-to-date with the latest innovations shaping the assurance landscape.

Benefits of AAF 01/20

Expert Knowledge

Access insights from industry experts and thought leaders.

Professional Growth

Elevate your skills and career prospects with specialized knowledge.

Global Community

Network with peers, mentors, and professionals from around the world.

Practical Resources

Gain access to practical tools, templates, and guides for effective auditing.

Certification

Earn a trusted certification that validates your expertise in audit and assurance

OUR TESTIMONIALS

Accorp Partners' guidance was instrumental in navigating AAF 01/20. Their insights helped us streamline our control activities and bolster our reporting.

John Smith,CFO, ABC Company

Partnering with Accorp for AAF 01/20 compliance was a game-changer. Their expertise ensured our reporting was accurate, transparent, and aligned with industry standards.

Sarah Johnson,CEO, XYZ Company

Featured Resources

AAF 01/02: What You Need to Know?

In this blog post, we’ll explore the AAF 01/20, otherwise known as the Audit and Assurance Faculty.

The New AAF 01/20: How It Replaces The AAF 01/06

The updated version of AAF 01/06 is now available as of January 2020.

Enhancing Financial Confidence: AAF 01/20 Templates and Tools

In the world of assurance and auditing, precision and consistency are paramount.

Our Industry

Cloud

Payroll

BPO/KPO

Healthcare

Information technology

Research

Our Team

Sanyam Goel

CPA(USA),CA, B.com(Hons)

Ishan J

CISA, ITIL

FREQUENTLY ASKED QUESTIONS

How does AAF 01/20 align with ISAE3402 and SSAE18 SOC1?

AAF 01/20 aligns with internationally recognized standards such as ISAE3402 and SSAE18 SOC1, ensuring a consistent and comparable approach to internal control reporting. This alignment facilitates cross-border business operations and enhances the reliability and credibility of assurance reports across different jurisdictions.

How does AAF 01/20 address evolving risks in the financial services industry?

AAF 01/20 acknowledges the dynamic nature of risks in the financial services industry. By introducing evolved control objectives and refining reporting standards, it ensures that internal control reporting is aligned with contemporary risks. This alignment enables organizations to address emerging challenges and remain resilient in the face of evolving threats.

What is the significance of control objectives in AAF 01/20?

Control objectives in AAF 01/20 serve as benchmarks for assessing the effectiveness of an organization's internal controls. They provide a structured framework for addressing industry-specific risks, enhancing transparency, and enabling organizations to demonstrate compliance with regulatory requirements and best practices.

How does AAF 01/20 handle sub-service organization relationships?

AAF 01/20 places emphasis on sub-service organization relationships by defining roles, responsibilities, and governance expectations. It requires enhanced disclosure of these relationships and includes the option for 'inclusive' reporting, where sub-service organizations may provide a Management Statement alongside the service organization to be included in the report.

What does the SOC report structure entail?What is the purpose of the Management Statement in AAF 01/20?

The Management Statement in AAF 01/20 replaces the Director's Report and serves as a comprehensive disclosure of the alignment of control activities with the organization's objectives. It confirms the fairness of the description, assesses the design suitability of control activities, and provides insights into the nature of transactions, significant events, and control frameworks.

How does AAF 01/20 offer guidance on control exceptions?

AAF 01/20 provides enhanced guidance on control exceptions by explaining what constitutes qualification of the audit opinion and the different types of qualification. It assists service auditors in assessing and reporting control exceptions, ensuring a clearer understanding of the impact of these exceptions on the audit opinion.

What templates are provided by AAF 01/20 for reporting?

AAF 01/20 offers standardized templates for reporting, including the Management Statement, Audit Bridging Letter, Engagement Letter, and Audit Opinions. These templates provide a structured framework for consistent and comprehensive reporting of internal controls.

How does AAF 01/20 impact service auditors' responsibilities?

AAF 01/20 raises the expectations for service auditors by emphasizing more robust testing approaches, increased verification of information provided by the service organization, and enhanced responsibility in detecting and disclosing subsequent events. Service auditors play a pivotal role in ensuring the accuracy and integrity of audit reports.

What industries do the illustrative control objectives cover?

The illustrative control objectives in AAF 01/20 cover a range of industries, addressing common risks faced by service organizations. These objectives are designed to provide a minimum set of controls to report on, and organizations are encouraged to tailor additional control objectives that address their specific risks.

What is 'inclusive' reporting concerning sub-service organizations?

'Inclusive' reporting refers to the practice where sub-service organizations provide a Management Statement alongside the primary service organization's report. This approach is considered when the sub-service organization plays a significant role in fulfilling entity controls. It ensures that sub-service organizations' control activities are transparently disclosed and assessed alongside those of the primary service organization.

What changes have been made regarding the UK Stewardship Code?

AAF 01/20 has removed the requirement for assurance reporting on the UK Stewardship Code. However, service organizations can still make reference to other relevant reports that may be of interest to users in their AAF reports.

How does AAF 01/20 emphasize accuracy and integrity in audits?

AAF 01/20 emphasizes accuracy and integrity in audits by introducing more robust testing approaches, greater verification of information provided by the service organization, and detailed testing procedures. This ensures that the information presented in the audit report is accurate, reliable, and aligned with the organization's control activities.

What benefits can service organizations expect from adopting AAF 01/20?

By adopting AAF 01/20, service organizations can benefit from enhanced control frameworks tailored to their industry risks, improved transparency through detailed reporting, streamlined reporting processes using standardized templates, and better alignment with internationally recognized standards. Additionally, adopting AAF 01/20 positions organizations for future in the ever-evolving landscape of assurance and auditing.

Case Studies

ABC Corporation Enhances Compliance with AAF Services

Analysis

ABC Corporation, a mid-sized financial services company, was facing challenges in maintaining compliance with rapidly evolving financial regulations

Read analysis

ABC Bank Implements AAF Measures to Combat