BCV’s Asset Management Department complies with the ISAE 3402 Type II standard for the full range of services it provides – from client onboarding to performance reporting. That means our clients can rest assured not only that BCV has an internal control system that covers its entire value chain, but that this system has been found to work effectively.
The International Standard on Assurance Engagements 3402 (ISAE 3402) is published by the International Auditing and Assurance Standard Board (IAASB). It aims to provide a standardized framework for reporting on the appropriateness of companies’ operational and IT processes, which helps build trust between service providers and their clients.
The ISAE 3402 provides for two types of reports that describe and assess a service organization’s operational controls. A Type I report assesses whether the service provider has an adequate internal control system that includes objectives, has been approved by management, and has been examined by an auditor with regard to its suitability at a given date. A Type II report also contains an auditor’s assessment of how the system’s controls perform over a given period. Since these reports are drawn up by an independent auditor, they provide value to both service organizations and their clients.
BCV’s Type II report, prepared by PwC, provides annual proof of the existence and effectiveness of BCV’s internal control system with regard to our Asset Management services. Our Type II report also allows our clients to directly report our services in their financial statements and their own internal control system without the need for a re-audit.