Hong Kong – 20 May 2021 – CLSA Fund Services (Asia) Limited (“CFSAL”) has successfully received Service Organization Control 1 (“SOC 1”) certification from PricewaterhouseCoopers, becoming the first Chinese-backed fund administrator to obtain international accreditation. The certification benchmarks CFSAL’s internal controls and operational effectiveness against international standards.
SOC 1 is defined by the American Institute of Certified Public Accountants (AICPA) Auditing Standards SSAE No. 18, mainly reporting on controls at a service organization which are relevant to user entities’ internal control over financial reporting. As one of the authoritative standards for the internal control and information security of global service organizations, the SOC report is an attestation report that evaluates the effectiveness of the internal control related to the service system and is widely recognized within the fund administration industry. SOC 1 certification is also a critical service provider selection criteria for international asset managers and institutional investors.
As CITIC Securities’ wholly-owned offshore fund administration services unit, with the advantages of CITIC Securities’ advanced technology platforms,operations and service networks in domestic and overseas markets, CFSAL provides clients with high-quality service including fund accounting, transfer agency, tax compliance and middle-back office outsourcing. After the completion of the SOC 1 certification, CFSAL will continue to maintain high levels of internal control and operational effectiveness, catering to both asset managers’ investment and administration needs.
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