New York, NY (PRWEB) January 5, 2011
Xtiva Financial Systems, a leading provider of enterprise compensation solutions for the financial services industry, today announced it has completed its annual SAS 70 Type II audit with no exceptions. This most recent audit marks the sixth consecutive year Xtiva has distinguished itself through the successful completion of its data center's SAS 70 Type II audit. The audit was performed by McGladrey & Pullen, LLP, a nationally recognized independent auditing firm.
SAS 70 (Statement on Auditing Standards No. 70) is an auditing statement issued by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). SAS 70 defines the professional standards used by a service auditor to assess the internal controls of a service organization and issue a service auditor’s report.
"Successfully completing the audit provides our clients with a high level of confidence in the reliability and quality of the hosted solutions we deliver and the processes supporting them," said Glen Schreitmueller, Xtiva’s Vice President of Service Strategy & Operations. "The Type II audit provides independent and validated attestation of the effectiveness and appropriateness of Xtiva’s processes and controls that support our entire business operation including our primary and alternate data centers as well as our internal development, support processes, and overall business controls.”
The Type II SAS 70 audit report addresses all five components of internal controls outlined in the Sarbanes-Oxley legislation: the control environment, risk-assessment activities, control activities, information and communication systems, and monitoring activities. Xtiva’s clients can easily incorporate the audit report within their overall Sarbanes-Oxley compliance programs as proof that appropriate controls are in place.
About Xtiva Financial Systems:
Xtiva Financial Systems is a leading provider of hosted solutions for the brokerage industry. Founded in 1998 and based in New York City, Xtiva has developed state-of-the-art technologies that enable retail and institutional broker/dealers to streamline operations, from sales compensation and production reporting to supervision of advisor licensing and compliance issues. Every day more than 250 firms and 50,000 people rely on Xtiva for compensation management and reporting services. With strategic financial service industry alliances, Xtiva is the leading provider of sales compensation solutions to the brokerage industry.
Xtiva’s clients include American Portfolios, Ameriprise, AXA, MetLife, Mutual of Omaha, New England Securities, Sterne Agee Financial, RBC, Northern Trust, and UBS. For more information about Xtiva, visit http://www.xtiva.com.