Citco announces completion of the Corporate Accounting and Payment Services SOC 1 report for the 2nd consecutive year

New York, 15 November 2018 – The Citco Group of Companies (“Citco”) is pleased to announce, that for the year ended September 30, 2018, Corporate Accounting and Payment Services has successfully received a Service Organization Control 1 (“SOC 1”) Type #2 certification from an independent auditing firm for the second consecutive year. 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 2018 SOC 1 Type #2 Report 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 2018 SOC 1 Type #2 Report covers Citco’s operations that provide Corporate Accounting and Payment Services to Private Equity and Real Estate clients. For 2018, 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, restoration and replication;
  • Logical security;
  • Physical security;
  • Incident management; and
  • Job scheduling and system monitoring.

The completion of the SOC 1 examination demonstrates Citco Corporate Accounting and Payment Services continuing commitment to quality and confidentiality, and demonstrates, that Citco Corporate Accounting and Payment Services 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 2018 SOC 1 Type #2 Report.