Receipt of Type II SOC1/ ISAE 3402 certification
Leading independent AIFMD depositary, INDOS Financial Limited (“INDOS”), is pleased to announce it has received a Service Organization Control 1 (“SOC 1”) / ISAE 3402 Type II controls assurance report from an independent audit firm for the first time.
The examination, in respect of the depositary processes and controls within INDOS and its Irish subsidiary INDOS Financial (Ireland) Limited, resulted in the issue of an unqualified opinion and zero exceptions from the independent audit firm, BDO LLP.
The report was prepared in accordance with the standards established by the American Institute of Certified Public Accountants (“AICPA”) in SSAE18 (SOC1) and ISAE3402 issued by the International Auditing and Assurance Standards Board (“IAASB”) of the International Federation of Accountants (“IFAC”).
A Type II report not only includes a controls description, but also detailed testing of an organisation’s controls over a minimum operating period.
The scope of the report covers INDOS’ operations that provide independent depositary services to over 85 alternative investment funds with underlying assets exceeding $16 billion.
Bill Prew, CEO of INDOS, commented “One of the most effective ways a firm can communicate information about its controls is through an independent service auditor’s report. The completion of our first SOC 1/ ISAE3402 examination demonstrates our strong focus on the effective operation of internal controls and procedures. Given the important oversight role played by the depositary in a fund’s governance structure, we recognised the importance of making this investment and report available to clients.”