Overview
IDW PS 951 revised version is the key German audit standard for service organisations that perform outsourced processes for their clients. The report serves as regulatory-compliant evidence for auditors, clients and supervisory authorities.
To whom is the standard relevant?
- Shared service centres
- Payroll service providers
- Financial accounting
- Accounts receivable and accounts payable services
- HR administration
- Business process outsourcing
- IT outsourcing related to business processes
- Internal service companies within corporate groups
Scope of services
- Audit of the internal control system (ICS)
- Type 1: design assessment
- Type 2: effectiveness assessment over a period of time
- Readiness assessment
Benefits
- Recognised audit standard in the German market
- Greater transparency for clients
- Reduction of individual customer audits
- Support for your clients’ financial statement audits
- Increased confidence in outsourced services
