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* 1. Background: SAS 70 /SOC 1 audit reports focus on internal controls of an organization vs. financial reporting. Under the new AICPA reporting standards, an audit conducted under SSAE 16 will result in an SOC 1 report, which replaces the SAS 70 type audit. SOC audits (Statement of Controls) provide independent 3rd party verification of a company’s assertion that a service organization’s financial controls and policies and procedures are correctly designed and operating effectively. The purpose of this survey is to evaluate how these type of internal control audits are being used in the Investment Management Industry with regard to property management companies.

On a scale of 1 to 3, please indicate the extent to which your investment management organization relies on SAS70/SOC I audits to validate the adequacy of a third party property management company’s controls, policies and procedures.

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* 2. Does your investment management organization rely on external property-level financial audits or internal audits to evaluate property managers?

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* 3. If your investment management organization relies on internal or external property level financial audits, what is the frequency?

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* 4. Does your investment management organization rely on other methods, in lieu of, or to supplement a property-level financial audit or controls verification process (SAS70/SOC1), such as an annual operational assessment, or an annual performance review? If yes, please be as specific as possible as to the form and frequency of this assessment, and whether the assessment is conducted internally or by an external third party.

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* 5. Please indicate the type of firm you work for and your dept/ title (Example: Investment Advisor/ Asset Manager):

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