15 paragraphs found
Section 285 of the Act imposes a responsibility on registered schemes, which includes mortgage schemes, to comply with the requirements of Chapter 2M of the Act dealing with financial reports and audit requirements. Furthermore, section 285(3) deems a …
In addition to the issues normally considered when undertaking financial report audits and compliance plan audits, auditors of mortgage schemes will need to consider several matters that are particularly important to the operation of such schemes. These …
Similarly, the compliance plan auditor [4] who conducts the audit of a scheme’s compliance plan under section 601HG, is required under ASAE 3100 Compliance Audits to obtain an understanding of the scheme’s compliance plan (the subject matter) and other …
The auditors may use the engagement letters to clarify the respective roles of the responsible entity’s directors, the financial report auditor and the compliance plan auditor, by contrasting the respective statutory responsibilities of the responsible …
Under section 601HG(2) the compliance plan auditor and the financial report auditor of the responsible entity must be different persons, notwithstanding that they may be from the same firm. See also GS 013 Special Considerations in the Audit of Managed …