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AAF 01/06 Report
Barnett Waddingham’s fifth AAF 01/06 report is now available for download. It covers internal controls in our pension administration department over the period 1 April 2010 to 31 March 2011. Hard copies will be available to all our clients and their advisers from August 2011 – if you have not received one and would like to, please speak to your usual Barnett Waddingham contact.
The AAF 01/06 reporting framework is a voluntary arrangement for various types of financial service organisations, including pension administration, and operates as follows:
- Control Objectives are set by the Audit and Assurance Faculty of the Institute of Chartered Accountants in England and Wales (ICAEW)
- A selection of Processes and Controls designed to meet the Control Objectives, are identified and documented
- Our reporting accountants, KPMG LLP, carry out an audit of the control environment to consider the existence, design, suitability and effectiveness of the Controls over the reporting period
- The AAF 01/06 report is published, including the reporting accountants’ opinions formed following their audit
Why do we do it?
The Pensions Regulator has placed obligations on trustees in respect of internal controls through Code of Practice 09 – our report assists the trustees in the assessment of their overall control environment.
We believe that a strong internal control environment is key to delivering a high quality service to our clients. The discipline of regular auditing helps to maintain that environment and manage the evolution of our pension administration systems.
The AAF 01/06 reporting framework provides a good benchmark against which to measure the relative qualities and strengths of those third party administrators who have chosen to adopt the voluntary code. We are proud of the strength of our control environment and our commitment to quality, and we want our clients to understand that we take security seriously.
You will find a link to access the report at the foot of this page.
Our AAF team
Carole Ward in our Cheltenham office, one of five administration partners at Barnett Waddingham, is responsible for our AAF reporting. Carole is assisted by a team of representatives from each of our offices:
Amersham – Ollie Clymo
Bromsgrove – Andy Greig
Cheltenham – David Guest
Cheltenham – Claire King
Glasgow – Julie Walker
Leeds – Bhavna Baines
Liverpool – Paula Baines
Liverpool – Guy Dove
London – David Connell
London – Tim Roberts
If you have any questions, or wish to discuss the content of the report, please contact Carole Ward on 01242 538500.
Related DocumentsAAF 01/06 2011 (5.79 MB, .pdf)