Which changes to ATOL reporting take effect this month?
The ATOL Reporting Accountants' Scheme has been developed by the CAA in order to help improve the standard of ATOL reporting and to provide assurance that financial information which is submitted on behalf of ATOL holders is accurate.
The scheme is designed to ensure that designated accountants of participating bodies, including ACCA accountants, are sufficiently knowledgeable about both the industry and specific requirements of ATOL to provide the required assurance needed by the CAA.
For all ATOL reports from February 2020 the guidance, Appendix A ‘Requirements for ATOL Reporting Accountants’ (formerly known as Guidance Note 10), has been amended.
This includes revisions to work procedures, to guidance on what constitutes an ATOL sale and new prescribed Engagement Letter wording. Reporting Accountants need to issue a revised Engagement Letter and also amend work procedures for all clients. Find out more now