New Layer

Focus on Business Scalability & High-value Advisory Services,
Optimizing Revenue Generation

Audit Services and Institute Compliance (ASIC) is an independent and objective assurance and advisory function that is guided by a philosophy of adding value to improve the operations of the California Institute of Technology (the Institute). It assists the Institute in accomplishing its objectives by bringing a systematic and disciplined approach to evaluate and improve the effectiveness of the organization’s governance, risk management, compliance, and internal control.

This Charter describes the mission, commitment, authority, independence, accountability, and principal responsibilities of ASIC.

Annual Compliance Reporting

Company, SMSF & Trust Compliances

Business Registration & Incorporations

Commitment

ASIC is committed to:

Developing and maintaining positive and collaborative relationships with Institute employees and other stakeholders.
Developing risk-based audit, advisory, and compliance plans aligned with the Institute’s goals and objectives.
Providing high-quality and timely services and advice by maintaining a professional staff with appropriate knowledge, skills, experience, and certifications and by updating technologies, tools, and techniques, as appropriate.
Maintaining a team-oriented work environment that provides meaningful and challenging assignments, recognizes and rewards outstanding performance, and develops leaders for the Institute.

Authority

ASIC activities are governed by policies established by the Board of Trustees through its Audit and Compliance Committee and the President. The scope of ASIC activities is subject to Audit and Compliance Committee review but is not otherwise restricted.

To be effective, it is essential there be mutual cooperation between management, faculty, staff, and ASIC. ASIC, with stringent regard for information safekeeping and confidentiality, and subject to applicable Institute policies, will have access to all Institute activities, records, property, and employees as may be necessary to fulfill its responsibilities.

Independence

The Associate Vice President of ASIC reports directly to the President, the Vice President of Administration & CFO, and the Audit and Compliance Committee. ASIC staff has no authority over, or responsibility for, the activities they audit, review, or monitor. In addition, ASIC personnel will not participate in any activity that may compromise their independence or objectivity.

Our Work Flow Model

Our approach to Various accounting roles like Bookkeeping, Tax returns, Lodgements, SMS, and Payroll processing, involves a streamlined and secure workflow model. We propose sharing client data via a secure cloud drive, such as Google Drive or Dropbox, ensuring real-time access and enhanced data security. All work performed on the data will be saved directly to the shared drive, prioritizing data integrity and client privacy. We have integrated various workflow tools & software in our operations model to enhance efficiency and productivity and negate any margins for error.

Our team will conduct reconciliation and prepare the client’s financials on trusted platforms like Xero Lodgeit, QB, Myob, etc. In the case of any queries regarding bank entries, we will draft and share an email for your review and approval before forwarding it to the client.