Asset Manager’s Guide to SOC 1

Grant Thornton released the “Asset Manager’s Guide to SOC I” following the SIFMA Asset Management Group’s (AMG) recent update of the recommended baseline areas of scope and control objectives for Asset Manager’s Service Organization Controls (SOC) 1 reports. The “Asset Manager’s Guide to SOC 1” updates the AMG’s “SAS 70 Guide” published in 2007.

SOC 1 reports are typically requested by the customers of asset managers, such as pension funds and mutual funds. Asset Management firms issue the reports to demonstrate that sound internal controls and safeguards are in place, particularly around areas of operations and technology, and describes the responsibilities for the asset manager and auditor. These baseline areas were developed to improve the quality and consistency of reporting for the industry. Grant Thornton and SIFMA AMG have provided this information as a guide on baseline control objectives. It is not intended as a substitute for the guidelines defined in the AICPA’s attestation standards and reporting guides.

The updated Asset Manager’s Guide to SOC 1 reports discusses the AICPA changes to the SSAE 18 and the resulting changes to the SOC 1 reports.(Updated June 2017)