To better understand how buy-side firms are managing the external client audit and confirmation process, The Finance Hive and Confirmation, part of Thomson Reuters, hosted a digital boardroom for a select group of heads of fund administration, alternative funds, fund services, transfer agency and operations from global and regional long-only asset managers and hedge funds. The discussion focused on how to de-risk clients’ external audits, find cost efficiencies, decrease fraud risk and increase automation.
This report provides some of the key takeaways from this buy-side discussion, including key challenges to overcome, alongside strategies and solutions to simplify the external audit process.
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Auditors need to be involved in the process from beginning to end – if the auditee is improving systems and processes, the auditor should be made aware and asked how they can improve their own processes alongside this.
Engage with your auditors and consultants to ask where they have seen best practice and look to implement that yourself.”