SSAE 16, formerly SAS 70 Type II, audit reinforces company’s commitment to secure, transparent and compliant cloud-based solutions in financial marketplace
San Jose, CA, July 17, 2012– NES Financial, a leading provider of cloud-based sub-accounting technology and professional services for banks and corporations, successfully completed its seventh consecutive annual audit based on reporting standards established by Statement on Standards for Attestation Engagements No. 16 (SSAE 16), the successor to the SAS 70 Type II audit.
The SSAE 16 Type II audit is a widely recognized standard that confirms that NES Financial has undergone an in-depth third-party examination of its control objectives and procedures throughout the company operations, including controls over technology information and financial processes. Conducted by one of the nation’s leading CPA firms, the assessment examined NES Financial’s technology, operations, and services over several industries including 1031 exchanges, EB-5, banking and more. Although there is no requirement for financial administration companies to adhere to SSAE 16 Type II audits, NES Financial voluntarily submits to the most stringent operational and security standards in the industry.
“Our customers choose NES Financial’s solutions because we bring the highest standards of security, transparency and compliance to the financial marketplace,” said Michael Halloran, President and CEO of NES Financial. “The successful completion of the seventh consecutive audit of our internal processes and controls is a testament to our ongoing commitment to provide the most transparent, and secure environment for administering complex financial transactions.”
Along with SSAE16 certifications, NES Financial complies with privacy provisions and financial operational guidelines as set forth by the Office of the Comptroller of the Currency (OCC) regulation, and the Bank Secrecy Act third-party vendor requirements for financial institutions. As a result, NES Financial’s operations meet the financial needs of the country’s leading public companies that must comply with Section 404 of the Sarbanes-Oxley Act, the Bank Secrecy Act, Gramm-Leach-Bliley Act, and other industry regulations.
For more information on NES Financial’s cloud-based solutions, visit www.nesfinancial.com.
About NES Financial
NES Financial(NESF) is a leading provider of technology, services, and expertise to banks, organizations, and leading corporations. Combining industry expertise with the most advanced cloud-based sub-accounting technology, NES Financial helps its customers improve operational efficiency, lower costs, reduce fiduciary risks, and improve profitability. Recently recognized in the Inc. 500|5000 list of fastest-growing, private companies in America, NESF has built its business and reputation on delivering increased security, transparency, and compliance to complex financial transactions.
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