In our comment letter on ASEC’s proposed Trust Services Principles (TSP) and Criteria exposure Draft, we offer the ASEC some observations and suggestions.
While overall we agree with the restructuring and revised TSP and Criteria, within our response we specifically highlighted and provided examples where some criteria could be further enhanced. In addition, we commented that the current effective date could present significant challenges to service organizations that have recurring trust services reports or who are currently in the process of preparing for their initial trust services report. We suggested the Committee consider a phased rollout of the revised Trust Services Principles and Criteria.
Additionally, our letter includes our responses to the specific questions in the exposure draft.