ACL’s pre-ARROW II audits are conducted in much the same way as the approach followed by the FSA – consequently, they are not audits in the traditional sense.

The aim of the audit is to assist you in ironing out any snags and mitigate any risks that emerge during the audit, and prepare senior management (primarily the approved persons) for the line of questioning they will most likely face during the real thing.

The audit includes (but is not limited to): -

• A desk-based critical review of key management information and other information you would need to provide to the FSA in advance of a visit, and;
• Structured on-site interviews with approved persons (based on the outcome of the desk-based review above and including the FSA’s current milestones and themes)

The outcome of the audit will include a report setting out the major findings and a plan to help mitigate the risks identified (similar to the Risk Mitigation Plan that the FSA will issue after carrying out an ARROW II visit). Solutions are tailored to the firms size, scope of business, and appetite for risk.

Contact us to find out more about the way this audit is conducted.