We understand your industry and provide unique value for soc examinations in accordance with ssae 18

We live your industry every day, through both the audit and tax services we provide for investment companies as well as the SOC examination services we provide for major investment management industry service providers.

 

You tell your customers your internal controls are working. Your Service Organization Control (SOC) report helps them to trust you.  As a third-party service organization, a documented understanding of your control environment is often required by client auditors, chief compliance officers, customers, and others.  

BBD provides readiness assessments and SOC examinations in accordance with SSAE 18 and AT Section 101 for service organizations across the country. Many of these engagements are performed for the fund accounting, alternative investment accounting, and transfer agent functions of investment company service providers.

With the combination of our investment management industry and SOC examination expertise, BBD offers unique value for investment management industry service providers.  We realize that many firms offer SOC examination services, but most of those firms do not also maintain a significant focus in the investment management industry.  And most also will not offer investment management experts as senior members of your service team.

AICPA SOC Service Organizations
internalcontrols.png

Which SOC report is right for my organization?  

Generally, it depends on the needs of the end user of the report.

If the report will be used by your customers and their auditors to gain comfort with your organization’s controls related to financial reporting, you need a SOC 1 report.  This examination is performed in accordance with SSAE 18.

If the report will be used by your customers and other stakeholders to gain comfort with your organization’s controls outside financial reporting, such as those related to operations or compliance, you need a SOC 2 report.  This examination is performed in accordance with AT Section 101.  SOC 3 reports also help end users gain comfort with your controls outside financial reporting but are general use reports and are not as detailed and comprehensive as SOC 2 reports.

 

Contact Our Investment Management Group