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 2011 SSAE (Standards for Attestation Engagements) 16 Type II audit.
In April 2010, the American Institute of Certified Public Accountants (“AICPA”) 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 Statement on Auditing Standards 70 (“SAS 70”) and converge with international standards. As a result, effective with the 2011 fiscal year, PFSC adopted the provisions of SSAE 16.
Also known as a “Type II Service Auditor’s Report” or “Independent Service Auditor’s Report on Description of a Service Organization’s System and the Suitability of the Design and Operating Effectiveness of Controls”, the SSAE 16 Type II report provides independent third party verification of management’s assertion that a service organization’s policies and procedures were correctly designed and were operating effectively enough throughout the period in order to achieve the specified control objectives.
The independent SSAE 16 audit was conducted by Plante & Moran, PLLC a public accounting and consulting firm who evaluated and tested PFSC’s internal operational controls and processes.
SSAE 16 is an auditing standard utilized by service organizations to demonstrate their internal controls and security practices to their clients. By successfully completing the SSAE 16 audit, PFSC demonstrates, with third-party validation, the effectiveness of its significant control practices and operational procedures.
Fiscal year 2011 represents the fifth consecutive year that PFSC has successfully completed its independent SSAE 16 Type II/SAS 70 Type II audit. In each of these years, PFSC’s audit opinion has been issued without qualification.
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