Assurance reporting on internal controls 

Service organisation control (SOC) reports

For over a decade, KPMG has been advising and reporting on internal controls, and it is at the global forefront of new reporting developments, such as service organisation control (SOC) reports. Organisations are increasingly outsourcing systems business processes and data processing to service providers in an effort to reduce costs and focus on core competencies. Organsations are increasingly requesting SOC reports.

SOC 1 reports help users and their auditor to rely upon their controls at a service provider in the context of a users’ internal control over financial reporting. New SOC 2/SOC 3 reporting options provide solutions where organisations are concerned about IT system security, availability and data privacy.

 

With practical, hands-on experience of helping clients in all types of internal controls reporting, we can provide objective and constructive advice. Once you have prepared your report, we can perform the role of Reporting Accountant / Service Auditor to guide you on the presentation, design and operating effectiveness of your controls.

 

Our international client base includes investment managers, investment fund and pension fund administrators, transfer agents, and property management firms. They vary in size, complexity and product offerings.

 

Our competitive edge comes from in-depth knowledge of our clients’ industry sectors and business issues and from the way we apply that knowledge for the benefit of our clients.

 

How KPMG can help

We have developed a special accredited internal control, assurance reporting team.

 

Our services include:

 

Prior to the Reporting Date

  • Gap analysis and readiness review
  • Review of the control framework to be included in the report
  • Guidance with the controls descriptions
  • Design suitability review
  • Snapshot testing of operating effectiveness
  • Assistance with remediation of controls

 

At the Reporting Date

  • Testing and reporting as Service Auditor / Reporting Accountants