Investment Retrievers Completes Service Organization Controls (SSAE 16 / SOC 1) Report

By - Tom
Fri, April 27, 2018 07:44 AM
Investment Retrievers, a financial services firm based in Folsom, CA, today announced that it has recently completed its Service Organization Controls (SSAE 16 / SOC 1) examination under Statement on Standards for Attestation Engagements No. 16, Reporting on Controls at a Service Organization (AICPA, Professional Standards, AT sec. 801), for the period November 2016 through December 2016 that was performed by an independent auditing firm.

Completion of the SSAE 16 / SOC 1 Type II examination indicates that selected Investment Retrievers processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm.  The examination included Investment Retrievers’ controls related to the services it provides to user entities when those controls are likely to be relevant to user entities’ internal control over financial reporting.  The examination included the company’s controls related to: Accounts Receivables Management Services and the suitability of the design and operating effectiveness of its controls.

SSAE 16 / SOC 1 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user entity’s management to obtain assurance about service organization internal controls without conducting additional assessments.  In addition, the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SSAE 16 reports even more important to the process of reporting on effective internal controls by public companies.

“This certification is more evidence of our companies’ deep commitment to compliance” said Chief Compliance Officer, Lexi Knight. “We hold ourselves to the highest standards and third party validation of our compliance is just another step in the right direction.”

A SSAE 16 / SOC 1 examination is widely recognized, because it represents that a service organization has been through an evaluation of their control activities as they relate to an audit of the financial statements of its customers.  A Type II report not only includes the service organization’s system description, but also includes detailed testing of the design and operating effectiveness of the service organization’s controls.