Audit
Welcome…….
to the Audit Home Page. We want these pages to be a 'One Stop Shop' for everything you ever wanted to know about what we audit. If you think there is anything missing, have any suggestions for improvements or have a technical enquiry, please e-mail
What we do
The Audit Unit is based in Bootle, Edinburgh, Nottingham & Worthing. Its role is to monitor compliance by financial intermediaries. It audits:
- Banks, building societies and stockbrokers to ensure that they operate savings scheme's such as ISA's, the Tax Deduction Scheme for Interest (TDSI) and PEP's in accordance with the legislation.
- Claims submitted by Pension Providers (Relief at Source).
- Life Offices in relation to the issue of Chargeable Event Certificates and claims to Life Assurance Premium Relief.
- UK letting agents (who act for non-resident landlords) to ensure that rental income is paid net unless an approval notice is held.
Up until April 2005, the unit audited repayment claims submitted by charities but this work has transferred to the Charities business stream.
The unit has the responsibility for the submission, accuracy and completion of some of the Department's Information Returns - S17, S18, ISA and PEP. Computer auditors based in Worthing interrogate these returns and produce samples for audit.
The unit is currently looking at the development of audit regimes for the Child Trust Fund, the European Savings Directive and Overseas Life Assurance Business.
The unit also provides education and support for its customers through help visits, particularly when new schemes are introduced or new financial institutions are set up.
In the tax year 2004/05, the Audit Unit carried out 444 audits of Financial Institutions and 295 Non-Resident Landlord audits.
Quick Links
Other Useful Links
- Specialist Publications - recently published technical guides, reports and specialist information.
- FSA - The Financial Services Authority - an independent non-governmental body, given statutory powers under Financial Services and Markets Act 2000.
- Child Trust Fund - is a new savings and investment account for children.
