Completion of the project on the audit of internal control systems of CFT-Bank outsourcing services
PricewaterhouseCoopers* Company has completed the audit of internal control systems of CFT-Bank outsourcing services provided by the Center of Financial Technologies to customer banks according to ISAE 3402** (type II***) standard.
Based on the results of objective independent inspection, CFT has confirmed the high quality of CFT-Bank outsourcing services to the extent of provision of proper system control and operation processing means. According to the received opinion, the internal control system of outsourcing services has been developed and installed efficiently and functions flawlessly.
“Certification of CFT outsourcing services according to international standard ISAE 3402 is an important step for further development of the company as a service provider,” says Andrey Visyaschev, Chairman of the Board of CFT Group. “Experts have confirmed that the software and outsourcing services rendered to banks are under proper control. This will form a good basis for greater reliance of our partners.”
*PricewaterhouseCoopers (PwC) is the leading international company network in the world that provides professional consulting and audit services. PwC has operated in Russia since 1989. PwC today is over 170,000 leading specialists from 158 countries of the world. The network of firms came to Russia as early as 1913, and re-established its presence here in 1989. PwC offices operate in Moscow, St. Petersburg, Yuzhno-Sakhalinsk, Kazan, Ekaterinburg, Novosibirsk, Krasnodar and Vladikavkaz.
** ISAE 3402 (International Standard on Assurance Engagements, ISAE 3402 “Assurance Reports on Controls at a Service Organization”). ISAE 3402 is a commonly recognized standard that provides guaranties to customers and their auditors in respect of internal control mechanisms effective in the service organization. ISAE 3402 regulates the issues of checking the internal control system of a company (service organization) to the extent of services rendered by the company to its customers that concern generation of financial reporting of the company customers.
***Opinion (Type II) is a report of an independent auditor of a service organization that contains the purposes of the internal control system and company policies and control procedures aimed at achieving these purposes, as well as estimation of the operating efficiency of the internal control system within a period of time.