How to Ace Your Next CASS Audit: Practical Tips for Regulated Firms
In this insightful session, compliance consultant Katherine Leman, Co-Founder and Lead Trainer of the PIMFA CASS Academy, and Priscilla Gaudoin, Ruleguard's Head of Risk and Compliance, share practical tips to help you conquer your annual CASS audits.
In our podcast, find out how to take the fear out of your audits:
- Create a Single Point of Contact
Appoint someone to liaise directly with the auditor, track information requests, gather internal responses, and ensure everyone stays on schedule. Having a ‘go-to’ person will help to minimise confusion and reduce the risk of missed deadlines.
- Pin Down Availability
CASS audits occur annually, so diaries should be coordinated in advance. If custodians have changed, breaches have occurred, or other significant events have occurred, relevant teams should be scheduled to meet with the auditor or ensure someone else can step in if they are unavailable.
- Start as You Mean to Go On
Before the audit begins, meet with the auditing team to agree on your focus for this year. Make sure that all parties, from the audit partner to your CASS technical expert, fully understand how your business operates. This clarity prevents misunderstandings and reduces unwanted surprises in the final audit opinion.
- Treat Your Audit Like a Project
Preparation is key. Set a clear timeline, allocate resources, and encourage good communication within your firm. Audit requests shouldn’t come as a shock; everyone involved should know what’s required and when.
- Reflect on Lessons Learned
After each audit, review any stumbling blocks and address them early for the next round. Whether these are communication gaps, data retrieval challenges, or waiting on third parties, an action plan will streamline your processes year on year.
Want to know more about crushing your CASS controls? Download our free, handy infographic!
You can find upcoming and on-demand CASS webinars here, alongside informative infographics and blogs on this hot topic.
