Skerryvore Asset Management Ltd engaged Buzzacott to provide independent assurance over their internal controls. By delivering a Type 2 ISAE 3402/AAF 01/20 report, we helped them enhance transparency, strengthen investor confidence, and demonstrate their commitment to robust governance and risk management in a competitive global market.

Why independent assurance matters

In today’s highly regulated financial services landscape, transparency and trust are critical differentiators. An independent assurance report on internal controls, such as one prepared under the ISAE 3402 or AAF 01/20 framework, provides third parties with confidence that an organisation’s control environment is robust, reliable, and operating effectively.

For asset managers, these reports play a vital role in demonstrating that operational and IT risks are appropriately managed, thereby safeguarding reputations and supporting sustainable growth by meeting the high due diligence standards of institutional investors.

Client background

Skerryvore are an Edinburgh-based asset manager with a global client base. They operate in a highly regulated environment where institutional investors increasingly expect asset managers to evidence strong governance and effective internal controls. To meet these expectations, Skerryvore sought independent assurance to validate the design and operating effectiveness of their control environment and clearly demonstrate their commitment to robust governance.

Our approach

Our client sought a trusted partner with deep assurance experience and a strong reputation in the financial services sector. To accommodate Skerryvore’s needs, we focused on establishing a strong working relationship, developing a detailed understanding of their business, objectives and priorities. Once established, we were then able to deliver a pragmatic, efficient and stress-free assurance process designed to minimise disruption and provide meaningful insights.

The outcome

We performed comprehensive, independent testing of Skerryvore’s operational and IT control environment, ultimately delivering a Type 2 internal controls report, evaluating both the design and operating effectiveness of controls throughout the reporting period. Having this independent assurance report available to share with third parties reinforces Skerryvore’s position as a trusted partner for institutional investors and demonstrates the maturity of their control environment.

Key takeaways

Following the provision of the controls assurance report, Skerryvore, and clients like them, benefit from several key outcomes:

• Investor confidence: Through an independent assurance report, our clients gain increased trust from key investors and stakeholders, helping to drive long-term growth.

• Operational resilience: Refining and strengthening the control framework enhances the organisations ability to manage risk proactively.

• Strategic advantage: Obtaining an internal controls report from a provider such as Buzzacott can help provide a differentiator between competitors when attracting investors and securing competitive advantage.

Client testimonial:

“As a small boutique investment manager with a predominantly global institutional client base, we are expected to evidence that Skerryvore has strong governance and an effective internal operating control environment and provide our clients at least on an annual basis independent assurance of this. Buzzacott’s audit assurance team are highly professional and very well organised. As a new client, Buzzacott spent time understanding our business, governance and operating environment, and agreed with us an audit timetable that took account of resource availability and consideration of our clients’ expectations on delivery of the final independent assurance report. The audit included onsite testing at our Edinburgh office, and we were also able to upload testing data to Buzzacott’s secure portal which was very user-friendly. Regular meetings took place throughout the period to ensure progress and to provide thoughtful insight. The independent assurance report delivered was in digital format and the presentation was of a very high standard, meeting the expectations of our sophisticated institutional investor client base.

We are very pleased to have engaged with Buzzacott and look forward to retaining their independent assurance services going forward. ”

Karen Lumsden, Chief Operating Officer, Skerryvore Asset Management Ltd

Seeking your own assurance report

If you are looking to obtain your own controls assurance report, Buzzacott can support you. We provide help to service organisations across the financial services sector, assisting them in meeting their controls assurance requirements. Our independent assurance reports align to global standards, including ISAE 3402, while providing actionable insights that add real business value.

Ready to strengthen your control environment and demonstrate your commitment to governance and risk management? Contact us today using the form below, or find out more about our services here.