We offer SOC 1 examinations and custom internal control services at a fraction of the cost of many of our competitors.

Many service organizations depend on the integrity of their control environment to serve and protect their customers and business. Our SOC 1 examinations and customized internal control services meet the requirements of industry regulators, organizational agreements, investors and corporate governance controls. Our process includes an in-depth examination of your organization’s control objectives that can only be performed by a qualified CPA firm with a direct focus on the investment management industry’s operations.


SOC 1/Internal Controls

With a focus on the investment industry, Ashland Partners specializes in providing these types of examinations to investment advisors, as well as fund administrators and transfer agents. Our professionals have developed a unique perspective on the operational challenges and best practices of firms ranging in size from just under $1 billion to over $400 billion in assets under management.

The need for this type of assurance reporting can be driven by the following reasons:

  • The increasingly regulated corporate environment your clients operate in is forcing them to consider how you demonstrate control effectiveness over the operations they have outsourced to you;
  • A need for clients to understand fully, and be confident with, the effectiveness of outsourced processes;
  • Demand in the marketplace for a service organizations to provide a recognized controls assurance report to retain and win business; and
  • Accountability for demonstrating management of outsourced risk now extends beyond pure financial risk to assess areas such as Data Security.

Firms that undergo a SOC 1 examination will receive a specific report on the controls at a service organization. A SOC 1 allows for a Type 1 or a Type 2 report.

  • A Type 1 report opines as to the fair representation of a firm’s description of controls and whether or not they are suitably designed to achieve a firm’s control objectives as of a point in time.
  • A Type 2 report goes a step further and opines on the effectiveness of the controls in place over a specific period of time.

Not ready for a full SOC 1 exam? Firms may also undergo a SOC 1 Readiness Assessment!

  • A SOC 1 Readiness Assessment provides organizations with a preliminary review that measures the level of preparedness for a SOC 1 examination. The results assist the organization in identifying any gaps in the existing processes or controls. This allows the organization an opportunity to make adjustments prior to initiating a SOC 1 examination.

For further information or to discuss how we can help you, please contact us.