Public Trust Advisors, LLC (Public Trust), administrator for the Michigan CLASS portfolio, announced its LGIP Administration Services System (i.e. client services, fund accounting, shareholder accounting, and transfer agency) successfully completed a Statement on Standards for Attestation Engagements (SSAE 18) SOC 1 Type II audit. The recent completion of this third-party, independent audit for the period ending November 30, 2018, demonstrates the ongoing dedication of Public Trust to provide the Michigan CLASS Participants with highly trusted LGIP administration services, operational transparency, and a commitment to a high standard of internal controls.
The SSAE 18 is a set of guidelines for reporting on the level of controls at a service organization while the SOC 1 Type II audit tests and reports on the fairness of the presentation of the management’s description of the service organization’s system as well as the design and operating effectiveness of the controls. It includes an independent service auditor’s report, a description of the systems provided by the service organization, and detailed information on the tests of design and operating effectiveness. An SSAE 18 SOC 1 Type II audit represents that a service organization has been through an in-depth review of their control objectives and activities including controls over information technology and related processes.
In our opinion, this SSAE 18 SOC 1 Type II audit differentiates Michigan CLASS amongst LGIPs as the report speaks to the strong back-office controls at Public Trust. We believe that these findings should provide the Michigan CLASS Participants with a greater level of comfort regarding the overall management of their Michigan CLASS accounts. As part of our continued commitment to a high standard of review for our internal controls, we plan to complete an annual update to the SSAE 18 audit.
For any questions regarding this SSAE 18 SOC 1 Type II audit or the overall operations of Michigan CLASS, please contact Michigan CLASS Client Services.