The auditor must therefore ensure that all those responsible for managing and performing the audit of a client within the financial services sector have appropriate levels o f experience and are aware of their responsibilities to regulators and supervisors as well as to proprietors. There are many specific considerations which the auditor must take into account:

(1) Does the audit team have access to the relevant rulebooks issued by regulators and supervisors?

(2) Are there adequate training courses for the auditor's staff or alternative means of training (by means, for example, of self-study packs or even multi-media interactive programmes)?

(3) Do his or her staff understand the arrangements set out to protect customers'

assets and deposits, in particular by segregating them from the assets belonging to the investment business itself?

(4) Has he or she monitored carefully to ensure that each individual taking a responsible position on the audit team has appropriate experience, as well as training?