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Third Party Assurance

Build trust, mitigate risk, and protect and grow your business.

Achieve trust and transparency with third party assurance

With today’s highly connected and regulated business environment, trust has become the most powerful currency in business.

To compete, organizations need to earn the trust of their clients and stakeholders by proving they are achieving relevant risk management standards. This requires demonstrating compliance amidst a host of shifting regulations and standards through independent validation, such as System and Organization Controls (SOC) reports.

SOC reports provide trust and transparency on the controls of third-party providers and service organizations, offering the certainty your organization needs across a wide variety of environments, including data centres, fund administration, back-office operations, fintech, infrastructure and application service providers (e.g. software as a service), cloud computing operations, managed security, and enterprise IT outsourced services.

Obtaining a SOC report can help your service organization gain the confidence of its clients, prospects, and other stakeholders by allowing you to:

  • Meet client expectations, contractual commitments, and regulatory requirements.
  • Gain a competitive advantage by distinguishing yourselves from your competitors.
  • Lower inherent risks by identifying and addressing potential weaknesses in your systems.
  • Minimize unnecessary interactions with clients’ auditors, which can be intrusive and time-consuming.
  • Demonstrate the reliability and continued integrity of processes and procedures.
  • Proactively identify efficiency issues and duplicate controls.

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Our Third Party Assurance services

Our Third Party Assurance team uses a pragmatic methodology that is flexible, cost-effective, and customizable to your unique resources and needs. We take a proactive approach towards identifying and responding to potential issues, with a focus on providing fair and balanced compliance assessments.

Through our global network, we can provide support at both the local and global level, with services that include:

A readiness assessment review followed by a formal SOC report is the most effective approach for early identification and remediation of any control deficiencies to eliminate surprises during the audit phase. Typically, the readiness assessment includes:

  1. Confirmation of the scope and validation of the key service commitments of the organization to your clients.
  2. Validation of the Control Objectives and system boundaries defined as the infrastructure, software, procedures, and data that are designed, implemented, and operated.
  3. An assessment of key controls to identify deficiencies that may need to be addressed and remediated prior to the SOC audit and issuance of the final report.
  4. Recommendations and leading practices for resolving control deficiencies and strengthening the control environment.
  5. Determination of formalized processes, procedures, and controls that need to be in place before the audit commences, including process walk-throughs, control descriptions, any gaps, and remediation plans.
  6. A readiness assessment report with a list of improvement areas and recommendations.

SOC 1 reports attest to the compliance of systems involved in financial transactions, providing independent assurance on controls for financial processes that have been outsourced to a third party. 

SOC 2 reports cover Information Technology Security, Availability, Processing Integrity, Confidentiality and Privacy.

SOC 2 Plus Additional Criteria reports include additional criterion specific to users' unique requirements, such ISO 27001, NIST, HITRUST and the Cloud Security Alliance (CSA) frameworks. When planned properly, this audit approach can reduce compliance costs and efforts by streamlining controls testing and combining assurance reporting in one report.

For service providers facing multiple compliance requirements, SOC 2+ reports provide an independent opinion on both the Trust Services Criteria (TSC) from the American Institute of Certified Public Accountants (AICPA) plus additional subject matter, such as: 

  • ISO 27001: ISO/IEC 27001:2022 specifies the requirements for establishing, implementing, maintaining and continually improving an information security management system within the context of the organization.
  • HITRUST: Provides standards for all stages of transmission and storage of health care information to help ensure integrity and confidentiality.
  • NIST Cybersecurity: Focuses on improving cybersecurity for critical infrastructure.
  • Cloud Controls Matrix (CCM): Specifically designed to provide fundamental security principles to guide cloud providers and to assist prospective cloud clients in assessing the overall security risk of a cloud provider.

While SOC 2+ increases the criteria covered, there may be significant overlap between the TSC and the selected additional criteria, which allows service providers to realize efficiencies in reporting and reduces costs for both the service provider and the service auditor. AICPA has worked to better enable this model of realizing efficiencies by creating approved mappings of the TSC to many various compliance frameworks.

SOC 3 reports are less detailed than SOC 2 compliance, and it is meant to be publicly available. SOC 3 reports are designed to meet the needs of users who require assurance about the controls at a service organization.

Our team also provides implementation and advisory services to support clients on their ISO 27001 assessment and certification journey.  

In a world filled with increasing compliance requirements, customers, business partners, and suppliers are becoming more concerned about the security of their information, and about information security in general. That’s why it is critical to stay compliant with the internationally recognized standard ISO 27001 and to understand how the new 2022 standards will impact your organization.

ISO/IEC 27001 is the international standard for information security – it sets out the specification for an Information Security Management System (ISMS). The standard provides a minimum baseline of information security controls required to develop, maintain, and continually improve the ISMS. It consists of policies, procedures, and other controls involving people, processes, and technology. 

When an organization is ISO 27001 compliant, clients can be assured that the level of data privacy and security within these organizations meet international standards and industry best practices. By implementing ISO 27001, your organization will be better equipped to build trust with both employees and customers, reduce the chances of security breaches, and safeguard your company’s valuable information, amongst many others.

Our Third Party Assurance team provides CSAE3000/ISAE 3000 type reports which include assurance engagements on management’s statement of selected performance indicators, selected sustainability information included in a social responsibility report, an entity’s cybersecurity risk management program and controls (SOC for Cybersecurity), and other reports. These reports do not include audits or reviews of historical financial information.

Our strategic guidance and support can help you to:

Provide peace of mind to your stakeholders while ultimately streamlining annual compliance efforts and reducing onsite vendor or partner audits.

Discover where and when there are breakdowns in the controls that could lead to a breach or disruption so you can mitigate these risks.

Signal corporate health to customers and investors by independently validating the effectiveness of your risk management program.

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Businesses across all industries are adopting advanced and emerging technologies at a much faster rate than ever before. Solutions driven by data and AI are powerful assets to help you stay competitive in current markets; but they aren't without vulnerabilities. Our comprehensive, end-to-end cybersecurity services can help you mitigate the risks and strengthen your defences against cyber crime and attacks.

Do you need to develop an IT strategy that better aligns with your business objectives and supports future goals? We can help assess your existing infrastructure, find opportunities for enhancement, and produce a plan to meet future technology demands.

Our team utilizes people, technology, and innovation to support your transformation. We deliver insights from powerful data analytics to inform your business and drive success. With your distinctive business challenges, we understand the importance of reacting to market disturbances and developing pragmatic solutions.

With a risk landscape that is constantly changing—from staying ahead of regulations to emerging crisis situations to financial risk—our advisors are committed to understanding your business, tailoring risk mitigation and management strategies when they matter the most.

Our Third Party Assurance service supports the stage your business is in

Comply with the ever-increasing complexity of accounting, tax, and regulatory reporting requirements on an ongoing basis.

Comply with regulations

Growth strategies designed to match your business model, your goals, and your expectations.

Grow, expand & acquire

Secure your most important assets through critical, preventative, and corrective measures.

Secure, protect & investigate

Our Third Party Assurance service is in your industry

Public companies or companies preparing to go public face unique challenges regarding regulatory reporting requirements, corporate governance, and shareholder demands. BDO's experienced team helps clients navigate pressing issues through strategies that meet regulatory needs while supporting future goals. Every growth story is different, and we have the knowledge and experience to support a diverse group of clients.

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Supporting the complex governance, risk, and compliance needs of your financial services business so you can focus on your bottom line.

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PE firms must be able to predict and react quickly to changing circumstances—from high competition for deals to economic uncertainty—to align strategic vision with growth goals. Find out how.

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Helping governments at all levels leverage technology-based solutions and develop customized frameworks, creating better outcomes for citizens and public servants.

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Reliable information and guidance to manage evolving regulations, new business models, and emerging technology trends to stay ahead of the curve.

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