In November 2011, Deloitte issued unqualified approval of CACEISs reports in France on its internal controls for fund administration and depositary/custodial services under the SSAE 16 and ISAE 3402 type II standards, the standards applicable from the American Institute of Certified Public Accountants (AICPA) and the International Auditing and Assurance Standards Board (IAASB).
CACEIS adopted the two new standards, which are amendments to the AICPA’s and IAASB’s respective SAS 70 and ISAE 3402 standards, applicable to its permanent control compliance regularisation programme, when they came into force in June 2011.
Sophie Blanvillain, head of operational risk management at CACEIS in France, remarked: Until then CACEIS had been compliant with SAS 70 type II standards, but our teams quickly set to work to adapt our processes to the new auditing and assessment standards. Guaranteeing our clients a standards-governed and controlled operational system is a top priority for CACEIS.
In Luxembourg and Germany, where CACEISs services also meet SAS 70 type II standards, the next audit round will apply the new norms. The accompanying reports are expected to be published in January and July 2012, respectively.
(JDC)