Internal Controls Assurance Engagements

In the financial services industry, confidence in internal processes and a robust control framework are vital factors for users of those services. In recent years there has been increased focus from existing and potential investors on the effectiveness of the operational control environment of the organisations managing the funds, in which they invest.

A controls assurance report provides an overview of an entity’s control environment, and of its controls objectives and control procedures. Currently these reports are prepared under the Audit and Accounting Faculty (“AAF”) Technical Release 01/06 (“AAF 01/06”) which encompasses the International Standard ISAE 3402 on Service Organisation Controls (“SOC”) reports. The US equivalent is SSAE 16, formerly SAS 70.

A SOC report provides investors and their auditors with assurance over the controls operating at the investment manager or other service provider, for example, a fund administrator.

As reporting accountants, we test the design and operating effectiveness of controls and report exceptions, and provide valuable insights to management as well as meaningful reports for use by their clients.

Experience of investment businesses ideally equips KP Audit to provide controls assurance reports to investment managers and fund administrators.