For Immediate Release
SINGAPORE: December 2017 ─ PayrollServe, the Payroll and HR outsourcing arm of RSM Stone Forest in Singapore is now ABS OSPAR-certified, taking a place in the coveted Outsourced Service Provider (OSP) registry of the Association of Banks in Singapore (ABS).
As financial institutions digitise and outsource critical business functions, protecting their customers’ confidential data, preventing disruptions to critical services, and safeguarding against cyberthreats have never been more important. These requirements demand that their outsourced partners have in place security and control measures to ensure that confidential data is managed to the highest standards.
In June 2015, the ABS issued a set of guidelines for which OSPs are to be audited against annually in accordance with Singapore Standard on Assurance Engagements 3000 (Revised) for assurance engagements other than audits or reviews of historical financial information. The OSPAR (Outsourced Service Provider Audit Report) sets out baseline standards and controls to ensure that the OSPs maintain the same level of governance, rigour and consistency as the financial institutions. They comprise three broad areas — entity-level controls, general IT controls and service controls — which together, cover the organisational structure and governance of an OSP, as well as the quality of its IT infrastructure and services provided.
This certification is a feather in the cap for PayrollServe, which is among the few leading payroll outsourcing providers in Singapore that have passed several rigorous compliance audits to meet local, American and global assurance standards for reporting on controls at a service organisation. These include the Statement on Standards for Attestation Engagements (SSAE) No. 18 (passed since 2008) and the International Standard on Assurance Engagements (ISAE) No. 3402. Issued by the American Institute of Certified Public Accountants (AICPA) and the International Auditing and Assurance Standards Board respectively, the SSAE 18 and ISAE 3402 compliance testifies to the effective internal controls and safeguards that PayrollServe has in place for financial reporting.
“The OSPAR and SSAE 18 attestations give our clients further confidence that our controls and processes are not only secure and robust, but also able to meet the stringent guidelines of ABS and the standards set by the AICPA,” said Alice Ong, Director of PayrollServe.
For more information on the OSPAR, please visit: PayrollServe.com.sg/OSPAR.
About PayrollServe
PayrollServe is the Payroll and HR Administration Services division of RSM Stone Forest. Together with RSM Singapore, we form the largest accounting and business advisory group outside the Big 4 in Singapore.
PayrollServe’s cutting-edge solutions and team of experienced professionals have earned us the reputation of being Singapore’s leading provider of cloud-based and fully managed payroll / HR services and solutions. This makes us the prime choice for internationally active businesses across diverse organisation types and industries.
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