ISAE3402 & SOC Reports
As all businesses seek to ensure that they have assurance that their risks are being mitigated effectively for their own governance purposes, service providers are facing demands from their customers and their potential customers for controls assurance that they can rely upon too. For global businesses this can include their operations in many countries.
Regulators are also placing greater emphasis upon the importance of internal controls with assurance requirements becoming more and more embedded in many compliance frameworks designed to improve investor protection and confidence.
The best-known assurance standards are ISAE3402, SSAE 18, AAF 01/06 and SOC 2/3. It is increasingly common for service providers to be asked for an assurance report under one of these as part of their customers’ procurement process.
We offer global controls assurance services as a key source of independent assurance and advice over the design and operation of internal control frameworks. We have been undertaking control assurance assessments for many years for a wide range of service providers throughout the world. Locally we specialise on Financial Services providers offering Fund Administration, Corporate Services and Hedge Fund Management.
Our approach reflects our experience, bringing our considerable project management and auditing skills to bear upon the delivery of what can be a challenging undertaking. Our commitment to provide our clients with significant partner and senior manager involvement in the process ensures that every opportunity is taken to provide value and to share our expertise.
For those businesses looking to meet the requirements for the first time we have a tried and tested programme of flexible support to help them establish the foundations necessary to meet the standard and that ensures that they are thoroughly prepared to successfully undergo the relevant assessment that they require.
Controls assurance can provide genuine competitive advantage, differentiating the business from its competitors by providing independent validation of the operation of a robustly designed control framework. If it is undertaken effectively by experienced and knowledgeable advisors, it can also add considerable value to the business through identifying control improvements or more efficient ways of working.