GENE 9.5.2 Additional audit reports — client money
(1) This rule applies to an authorised firm for a financial year of the firm if the firm controls or holds client money at any time during the year.
(2) The authorised firm must ensure that its auditor also produces a report for the financial year that states whether, in the auditor's opinion:
(a) the firm maintained systems and controls throughout the year to enable it to comply with the provisions of INMA or IMEB (or both) relating to client money;
(b) the firm's controls ensured that client money controlled or held by it was identifiable and secure at all times during the year;
(c) any of the requirements of INMA or IMEB relating to client money were not complied with by the firm during the year;
(d) the firm controlled or held an appropriate amount of client money in accordance with INMA or IMEB (or both) at the date the firm's audited balance sheet was prepared; and
(e) there have been material discrepancies in the reconciliation of client money during the year.
(3) Client money has the meaning given by whichever of INMA or IMEB applies under this rule.
|Editorial changes (as from 1st January 2016).|