 Independent certified assurance reports
Independent certification of internal controls is becoming a must for those providing outsourced services to major companies and the new standards make this more attractive. PKF provides control assurance reports under ISAE3402, AAF01/06 or SSAE16 tailored to meet your needs in the most efficient way.
As all businesses seek to ensure that they have assurance that their risks are being mitigated effectively for their own governance purposes, increasingly service organisations are facing demands from their customers for controls assurance that they can rely upon too. Meeting this need can provide genuine competitive advantage.
The most efficient way to meet the assurance needs is to have an integrated approach to reviewing risks and controls that provides the independent annual report for customers and more detailed reports on controls and opportunities for improvement for management and the Board during the year.
PKF provides:
- Cost effective certification by a top 10 audit firm;
- Coverage in the UK and overseas;
- Workshops to consider the benefits of the various standards to your organisation ;
- Training programmes to support management
- Advice in documenting controls and preparing service descriptions;
- Internal reports on controls throughout the year;
- Practical suggestions for improvement.
Services offered
The Standards
Since June 2011 increased options have become available with SAS70 being replaced by SSAE16 and the arrival of ISAE3402. All follow a broadly similar approach with an independent opinion being provided on the design and operation of disclosed controls for meeting specified control objectives.
The choice comes down to which is going to be most meaningful for your customer base.
Scoping of Assurance
The scope of the assurance and the period covered needs to be sufficient to match the expectations of your customers and help them to mitigate their risks. Selecting a scope that goes well beyond the specific customer servicing processes can give useful comfort around the resilience of your business and the quality of customer service.
Integrating the assurance within your wider internal control framework can provide financial benefits, providing concise assurance to you and your customers on the critical processes upon which they rely.
Reporting Options
Each standard provides for a report for a specified date (Type 1) or a period under review (Type II) with a description of the service and controls, the results of testing and an opinion from the reporting accountant. From a standing start a phased progression from Type 1 to Type II assurance is often adopted.
Other reports for management can be provided during the audit for example considering planned changes, opportunities for improvement or action needed to address control failures.
For further information on PKF’s certified control assurance, please contact Richard Weighell on 020 7065 0397 or richard.weighell@uk.pkf.com
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