FOR IMMEDIATE RELEASE
Sister Companies Sorrento Pacific Financial and CUSO Financial Services Gain SOC Type 1 Certification
Third party validation of control systems supports due diligence needed by financial institutions
SAN DIEGO – Aug. 16, 2016 – Sister broker-dealers, CUSO Financial Services, L.P. (CFS) and Sorrento Pacific Financial, LLC (SPF), have successfully completed the SSAE 16 Type II audit for the SOC Type 1 certification created by the ASB Standards Auditing Board of American Certified Accountants. This certification is another way in which CFS and SPF have expedited and simplified due diligence processes for the financial institutions with which they work.
The audit was conducted by SSAE 16 Professionals, LLP, a full-service accounting firm providing SSAE 16 and SOC 2 audits. It has certified that the sister companies, which use the same back office resources and systems, have over 80 points of control successfully managed to the SOC Type 1 standards level. The audit covers operating effectiveness of internal controls and processes related to financial reporting including appropriate monitoring, back-up systems, security, processing of commissions, trading operations, account management technology systems and other areas of operations.
“CFS and SPF’s focus on strong internal controls is evident in this report,” says Jim Jimenez, managing partner at SSAE 16 Professionals, LLP. “The successful completion of this audit is a testament to their integrity, accountability, and commitment to clients.”
SSAE 16 reports, also known as Service Organization Control (SOC) 1 reports, are performed in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization. The report can assist the user entities’ financial auditors with laws and regulations such as the Sarbanes-Oxley Act. A SOC 1 enables auditors to perform risk assessment procedures, and certify the company is maintaining appropriate levels of risk management and control.
“While we have always had tightly controlled systems and processes internally, we felt it was important to have this audit done by an outside third party,” said CEO Valorie Seyfert. “With this certification, both our customers and our financial advisors can feel confident that our systems are tightly managed and that we appropriately perform the functions we have contracted to deliver.”
About CUSO Financial Services, LP and Sorrento Pacific Financial LLC
Full-service, sister broker dealers CUSO Financial Services, L.P. and Sorrento Pacific Financial LLC (MembersFINRA/SIPC) provide customized investment and insurance solutions to financial institutions throughout the country. Headquartered in San Diego, with branch offices and licensed representatives nationwide, both broker dealers are SEC Registered Investment Advisers, with expertise in key areas including retirement services, wealth management, and fee-based and insurance products for both individuals and business customers. For more information, see www.cusonet.com or www.sorrentopacific.com or visit their LinkedIn pages: CFS and SPF.
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