We offer SOC examinations and custom internal control services at a fraction of the cost of many of our competitors.
Many service organizations depend on the integrity of their control environment to serve and protect their customers and business. Our SOC examinations and customized internal control services meet the requirements of industry regulators, organizational agreements, investors and corporate governance controls. Our process includes an in-depth examination of your organization’s control objectives that can only be performed by a qualified CPA firm with a direct focus on the investment management industry’s operations.
Services
SOC/Internal Controls
With a focus on the investment industry, Ashland Partners specializes in providing these types of examinations to investment advisors, as well as fund administrators and transfer agents. Our professionals have developed a unique perspective on the operational challenges and best practices of firms ranging in size from just under $1 billion to over $400 billion in assets under management.
The need for this type of assurance reporting can be driven by the following reasons:
- The increasingly regulated corporate environment your clients operate in is forcing them to consider how you demonstrate control effectiveness over the operations they have outsourced to you;
- A need for clients to understand fully, and be confident with, the effectiveness of outsourced processes;
- Demand in the marketplace for a service organizations to provide a recognized controls assurance report to retain and win business; and
- Accountability for demonstrating management of outsourced risk now extends beyond pure financial risk to assess areas such as Data Security.
Firms that undergo a SOC examination will receive a specific report on the controls at a service organization. A SOC allows for a Type 1 or a Type 2 report.
- A Type 1 report opines as to the fair representation of a firm’s description of controls and whether or not they are suitably designed to achieve a firm’s control objectives as of a point in time.
- A Type 2 report goes a step further and opines on the effectiveness of the controls in place over a specific period of time.
Not ready for a full SOC exam? Firms may also undergo a SOC Readiness Assessment!
- A SOC Readiness Assessment provides organizations with a preliminary review that measures the level of preparedness for a SOC examination. The results assist the organization in identifying any gaps in the existing processes or controls. This allows the organization an opportunity to make adjustments prior to initiating a SOC examination.
For further information or to discuss how we can help you, please contact us.