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.
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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.