Citco announces completion of the Corporate Accounting and Payment Services SOC 1 Type #2 report

New York, 16 November 2017 – The Citco Group of Companies (“Citco”) is pleased to announce, that for the nine months ending September 30, 2017, it has successfully received a Service Organization Control 1 (“SOC 1”) Type #2 certification from an independent auditing firm for its Corporate Accounting and Payment Services offering. The examination in respect of the processes and controls within the Corporate Accounting and Payment Services offering resulted in the provision of an unqualified audit opinion from an independent audit firm.

The 2017 SOC 1 Type #2 Report continues the efforts from the SOC 1 Type #1 report completed as at December 31, 2016 and has been prepared in accordance with the guidelines contained in the United States Statement Attestation Standards of the American Institute of Certified Public Accountants (“AICPA”) and International Standard on Assurance Engagements (“ISAE”) 3402 and its related amendments and interpretations.

The overall scope of the 2017 SOC 1 Type #2 Report covers Corporate Accounting and Payment Services to Private Equity and Real Estate clients by Citco Vilnius UAB for the nine months ending September 30, 2017 and provided by Citco Nederland B.V. and Citco REIF Services (Luxembourg) S.A. for the six months ending September 30, 2017.

For 2017, the independent examination consisted of an evaluation of the design and operating effectiveness of the following controls:

From a Corporate Accounting and Payment Services perspective, the examination included:

  • Cash Reconciliation;
  • Investment Accounting;
  • Investment Valuation;
  • Loan Interest Accounting;
  • Operating Expense Accruals / Deferrals;
  • Static Data;
  • Financial Statement Reporting; and
  • Payment Processing.

From an Information Technology perspective, the examination included:

  • Change management;
  • Back-up, retention, restoration and replication;
  • Logical security;
  • Physical security;
  • Incident management; and
  • Job scheduling and system monitoring.

The completion of the SOC 1 examination demonstrates Citco Vilnius UAB / Citco Nederland B.V. / Citco REIF Services (Luxembourg) S.A. continuing commitment to quality and confidentiality, and demonstrates, that Citco Vilnius UAB / Citco Nederland B.V. / Citco REIF Services (Luxembourg) S.A. continues to maintain a high level of internal control.

The Citco Group of Companies welcomes any inquiries that our clients may have with respect to the 2017 SOC 1 Type #2 Report.