PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”), a third party servicer of commercial and consumer leases, loans and annuity-type contracts, has announced the successful completion of its 2010 SAS (Statement on Auditing Standards) 70 Type II audit.
Statement on Auditing Standards 70 (“SAS 70”) is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (“AICPA”). It is used to report on the “processing of transactions by service organizations”, which can be done by completing either a Type I or a Type II audit. A SAS 70 Type I is known as “reporting on controls placed in operation”, while a SAS 70 Type II is known as “reporting on controls placed in operation” and “tests of operating effectiveness”.
The independent SAS 70 audit was conducted by Plante & Moran, PLLC a public accounting and consulting firm who evaluated and tested PFSC’s internal operational controls and processes.
SAS 70 Type II is an auditing standard utilized by service organizations to demonstrate their internal controls and security practices to their clients. By successfully completing the SAS 70 audit, PFSC demonstrates, with third-party validation, the effectiveness of its significant control practices and operational procedures.
Fiscal year 2010 represents the fourth consecutive year that PFSC has successfully completed its independent SAS 70 Type II audit. In each of these years, PFSC’s audit opinion has been issued without qualification.
In April 2010, the AICPA’s auditing standards board issued Standards for Attestation Engagements No. 16 (“SSAE 16”), titled Reporting on Controls at a Service Organization. SSAE 16 was issued to replace SAS 70 and converge with international standards. As a result, effective with the 2011 fiscal year, PFSC will adopt and comply with the provisions of SSAE 16.
About Portfolio Financial Servicing Company
Portfolio Financial Servicing Company (“PFSC”) is a third party private label servicer of commercial and consumer leases, loans and annuity type transactions (inclusive of structured settlements, lottery prize, and royalty-based receivables). Since 1992, PFSC has serviced billions in asset value for a diverse group of clients across the U.S. PFSC provides a comprehensive suite of services including primary servicing, successor servicing, and backup servicing. PFSC also provides certain a la carte services such as document custodianship, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance. For more information, visit www.pfsc.com
About Plante & Moran
Plante & Moran is the nation’s 11th largest certified public accounting and business advisory firm, providing clients with financial, human capital, operations, strategy, technology, and family wealth management services. Plante & Moran, headquartered in Southfield, Michigan, has been recognized by a number of organizations, including FORTUNE magazine, as one of the country’s best places to work. For more information visit www.plantemoran.com