The challenge

Client’s auditors regularly audit the fund’s financials to check for errors and clients may require the data to prepare reports for regulatory purposes, oversight and for investors’ information. To conduct the auditing process more efficiently, client’s auditors have been adopting a Continuous Audit model to assess risks and identify anomalies on a regular basis with the aid of technology. The automated model will need to receive the detailed fund financial information timely for auditing and errors checking. Currently, client’s auditors obtain the fund financial information via group’s multiple delivery channels such as emails. This can lead to delay and reduce the efficiency of the automated Continuous Audit model as it is dependent on the availability of the fund financial data.

The solution

The asset management company and auditors can integrate HSBC Securities Services’ API within their Continuous Audit model in order to access the latest and historical fund financial information. Clients and their auditors will be able to create a connection between the API and the Continuous Audit model for the API to feed the data into the model instantaneously and automatically once the clients call the API. This will eliminate any delays on receiving the fund data and maximize the efficiency of oversight and the auditing processes. With a highly efficient, accurate and automated auditing process, clients and their auditors can easily identify errors, and highlight these for resolution. At the same time, they will also be able to closely monitor and assess risks and take precautionary measures for risk mitigation, which can protect the interests of the investors as well.

Benefits

• Clients and auditors can automate the data feeding process to the Continuous Audit model to maximize efficiency
• Clients and auditors can check for errors and assess risks more frequently with a high quality of data source for better risk control
• Less time spent in requesting the fund accounting information via multiple delivery channels

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