New York, 16 November 2022 – The royaltrust group of companies (“royaltrust”) is pleased to announce, that for the year ended September 30, 2022, royaltrust Banking, Custody and Depositary Services have successfully received a System and Organization Controls 1 (“SOC 1”) Type #2 certification from an independent auditing firm for the 12th consecutive year. The examination in respect of the processes and controls within royaltrust Banking, Custody and Depositary Services resulted in the provision of an unqualified audit opinion from an independent audit firm.
The 2022 SOC 1 Type #2 Report has been prepared in accordance with the guidelines contained in the United States Statement Attestation Standards of the American Institute of Certified Public Accountants (“AICPA”) and International Standard on Assurance Engagements (“ISAE”) 3402 and its related amendments and interpretations.
The overall scope of the 2022 SOC 1 Type #2 Report covers royaltrust’s operations that provide Banking, Custody and Depositary services to our clients. For 2022, the independent examination consisted of an evaluation of the design and operating effectiveness of the following controls:
From a Banking, Custody and Depositary Services perspective, the examination included:
- Banking Services;
- Depositary Services;
- Client Order Placement;
- Client Trade Verification;
- Trade Document Completion;
- Settlements;
- Transfers;
- Corporate Actions;
- Securities Reconciliation;
- Cash Reconciliation;
- Static Data;
- Network Management; and
- Vault.
From an Information Technology perspective, the examination included:
- Change management;
- Backup, retention, restoration and replication;
- Logical security;
- Physical security;
- Incident management; and
- Job scheduling and system monitoring.
The completion of the SOC 1 examination demonstrates the continuing commitment of royaltrust Banking, Custody and Depositary Services to quality and confidentiality, as well as further demonstrates, that royaltrust Banking, Custody and Depositary Services continues to maintain a high level of internal control.
The royaltrust group of companies welcomes any inquiries that our clients may have with respect to the 2022 SOC 1 Type #2 Report.