Outsourcing services to third parties (service organisations) is useful for many businesses, but there are considerations and risks to manage.
You need to feel totally confident that your third party service providers have the right systems and controls in place to ensure your customers are protected from any risk. Customers, and potential customers, of outsourced service providers need to know that the service organisation has the right systems and controls in place to manage their risk.
Controls reporting can also be a powerful tool for both new and existing clients, signalling trust, commitment, and value. Controls reports are essential to gain a competitive advantage, as clients across a range of sectors increasingly demand this type of assurance from their vendors and partners.
Controls assurance reports are typically completed in line with ISAE, AAF or SOC standards. These are standards issued by different regulatory bodies but deliver similar requirements.
Our approach and experience set us apart. Our controls assurance team works with you to determine which report best demonstrates your commitment to internal controls, security and data protection, and we can work with you to develop a high quality report.
Our team can also work with you to identify potential controls and operational recommendations in advance of a formal controls assurance report audit. We bring the industry knowledge and experience you need to assist your organisation in:
- Identifying the appropriate report to provide controls assurance to your customers and other stakeholders.
- Providing recommendations that add value to your control environment.
- Suggesting solutions to reduce compliance cost.
High-quality, industry-specific controls reports can differentiate you from your competitors and save you time and money. We work alongside you to help you gain the most from your controls reporting.
A comprehensive controls report helps build trust and confidence. Regardless of your organisation’s size or industry, we help you navigate the potential challenges of controls reporting and communicate your commitment to internal controls to your customers and their auditors clearly.
What standards apply to controls assurance reporting?
There are a variety of reporting options, and making the right choice isn’t always easy. We’re well-positioned to prepare and issue assurance reports and discuss customised alternative reporting options under the required attestation standards. Our years of specialist experience in controls assurance reporting will help you arrive at the option best suited to your needs.
How can RSM’s controls assurance team help you?
RSM’s dedicated controls assurance service team, bring together specialists in business process risk and technology risk to deliver reviews of controls as a reporting accountant.
We work with service organisations in three areas:
Readiness – a readiness assessment will provide;
- insight into the requirements, approach to meeting the standards, and requirements for the completion of a controls assurance report;
- an overview of the challenges and solutions in delivering a controls assurance programme;
- recommendations for development of your report template for your future attestation report; and
- an initial assessment of the control framework and opportunities for improvement in controls.
Type 1 – the completion of audit procedures and test of controls design at a point in time report date – the ‘first’ report.
Type 2 – the completion of audit procedures and test of operational controls design for an annual report.
We can work with you to develop a tailored controls assurance framework that aligns to your business objectives and complies with your regulatory requirements.
The RSM difference
With RSM, you can be confident you’re working with a knowledgeable, dedicated team with years of controls assurance reporting experience. Our client focused approach helps ensure your controls assurance is handled efficiently.
For more information about our controls assurance services, please contact Jed Turnbull.