news | 06 September 2013 | PwC Cyprus

Third party assurance: Enhancing trust and transparency

Times are changing and the business world is seeing new and growing delivery models. The rise of service - oriented architecture whether it is outsourcing, cloud computing or shared service centres is also increasing the need for trust and transparency around those services. Privacy and security concerns around the handling of data are also high on the agenda. In the financial services sector there is also the added pressure of regulatory change which in turn drives the demand for greater and more frequent assurance.

Organisations are being requested or required to provide more and more information about their internal controls environment to a variety of external and internal stakeholders.
In other terms, anyone who does not have control or direct oversight of information, data processing or other deliverables that are managed, processed or produced by someone else may want assurances that such information, data processing or deliverables are in accordance with their expectations.

If your organisation provides such services and your customers’ control environment is dependent on your systems, procedures and controls then it may well be in your best interests to provide a report on your internal controls so that you can demonstrate that you are doing the right things and doing things right. Moreover, in today’s rapidly changing and increasingly regulated world your customers or your future customers may demand it.

According to Christos Tsolakis, Risk Assurance Services Partner in PwC Cyprus, Third Party Assurance reports such as ISAE3402 and ISAE3000, can help build trust between you and your clients and establish transparency of your control framework.

Notes:

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This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

Cooperation Partners