ISAE3402/SOC1
Right to play
Due to the systematic rise in the number of compliance requirements for organisations and an increase in scrutiny from all stakeholders, the market increasingly expects you to be able to provide assurance reporting. There is a clear need for trust and transparency in the processes and controls you have put in place to mitigate risks - and to report on their effectiveness. It is clear that these outsourcing models could significantly impact the financial reporting of your customers – in this case their external auditor will expect an ISAE3402 report as well.
This increasing demand for ‘assurance’ by service providers is currently the most prevalent among organisations in the financial and public sectors and listed companies. In these sectors, specifications or Requests for Proposal (RFP) systematically contain a requirement in relation to the existence of said reports and thus have become a ‘right to play’.
ISAE3402 is currently the most known and broadly adopted international standard for the attestation of outsourced (financial) processes and systems. Issued by the International Federation of Accountants, you can be assured that these reports have a global reach and international recognition.
Additional resources