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AAF 01/20 – UK Assurance Reporting Standard
AAF 01/20 is a UK-specific assurance framework issued by the ICAEW's Audit and Assurance Faculty. It provides service organisations with an assurance report on internal controls, widely recognised in industries such as pension administration, fund management, and payroll services.
Why Choose Accorp Partners?
With specialists experienced across global and UK-specific assurance standards, Accorp Partners provides precise, high-quality reporting
Expertise
Our team comprises highly skilled professionals with extensive experience in international standards and assurance services – AICPA, ISAE, ICAEW (AAF), etc.
Customized Solutions
We tailor our approach to meet the unique needs of your organization and industry.
Transparency
We provide clear, actionable reports that go beyond compliance, offering insights to improve processes and controls.
Global Standards
We ensure that our engagements comply with international assurance and auditing standards.
AAF 0120 Assurance Process
At Accorp Partners, our AAF 0120 assessment methodology ensures comprehensive coverage of controls relevant to user entities' financial reporting
Scoping & Planning
Identify services provided to user entities and controls relevant to their financial reporting. Define scope of the AAF 0120 engagement including systems, processes, and control objectives. Determine whether Type 1 or Type 2 assurance is required.
Control Mapping & Design
Map service organization controls to financial reporting assertions of user entities. Document control objectives, control activities, and complementary user entity controls (CUECs). Assess design effectiveness of controls.
Implementation & Readiness (Optional)
Pre-Audit Support: Assess readiness for AAF 0120 assurance engagement. Gap Analysis: Identify control design or implementation deficiencies. Remediation: Strengthen controls before formal testing begins.
Testing Period (Type 2 Only)
For Type 2 reports, select a testing period (typically 6-12 months). Perform detailed testing of control operating effectiveness throughout the period. Document test results, exceptions, and control deviations.
Evidence Collection & Testing
Gather evidence of control operation through walkthroughs, inspections, observations, and re-performance. Test samples across the reporting period for Type 2. Evaluate control deficiencies and their impact on control objectives.
AAF 0120 Reporting
Issue AAF 0120 assurance report under ASAE 3150/ISAE 3402 including: Service organization's description, control objectives, controls, auditor's opinion, test procedures (Type 2), and results. Provide to user entities and their auditors.
Related Assurance Services
Comprehensive assurance and compliance solutions for service organizations
SOC 1 Audit
US equivalent of AAF 0120 - SSAE 18 reporting on controls at service organizations
SOC 2 Audit
Trust Services Criteria reporting on security, availability, and confidentiality
ISAE 3402
International standard for assurance reports on controls at service organizations