Truss Edge has announced the successful completion of a System and Organization Controls (SOC) 1® Type I Audit examination for its technology systems.
Truss Edge retained international business advisory firm Marcum LLP, for its SOC 1® audit work. Marcum LLP was selected after an intensive search based on their reputation as a leading risk advisory and compliance firm.
SOC 1® engagements are performed in accordance with the American Institute of Certified Public Accountants’ SSAE 18, Statement on Standards for Attestation Engagements (SSAE) No. 18, Reporting on Controls at a Service Organization. The SOC 1® Type I examination is performed by an independent auditing firm and is intended to meet the needs of the management of user entities and the user entities’ auditors, as they evaluate the effect of the controls at the service organization on the user entities’ financial statement assertions.
These reports are important components of companies’ evaluation of their internal controls over financial reporting for purposes of complying with laws and regulations such as the Sarbanes-Oxley Act and for auditors as they plan and perform audits of corporate financial statements. They represent one of the highest seals of approval within fund management operational due diligence (ODD).
Marcum’s testing of the Truss Edge control environment included examination of policies and procedures regarding human resources, onboarding/conversion, trade capture and processing, pricing and valuation, reconciliations, wires, corporate actions and fixed income accruals, expense accruals, physical and environmental security, and information security.
Upon completion of the examination, Truss Edge received a Service Auditor’s Report with an unqualified opinion demonstrating that our policies, procedures, and infrastructure controls are suitably designed and operating effectively to achieve the related control objectives throughout the examination period.
Jay Duffy, CEO of Truss Edge, commented: “The SOC 1® Type I examination is a major audit and the amount of work involved is not to be underestimated. As an independent provider of mission critical outsourced solutions for fund managers, we believe such certification is essential to reassure both our clients and their investors about the quality of our organization and our technology. Publicly traded firms will only do business with companies that can provide evidence of a successful SOC 1® Type I examination. We are proud to have been awarded this.”
Ben Osbrach, National Risk Advisory Leader of Marcum’s risk advisory group added: “We were excited to work with Truss Edge from the very start. They are an intriguing organization delivering high quality services and their business adds to our growing SOC reporting practice.”