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Interactive Brokers Group's financial strength and security
The American Institute of Certified Public Accountants (AICPA) has developed the "System and Organization Controls (SOC)", a standard. to ensure that controls are carried out in an effective and designed manner. This is in line with the “International Standard on Assurance Engagements (ISAE)”, the reporting standard for international service organizations.
Service reviews based on the SOC framework can be divided into two categories: SOC 1 and SOC 2 & 3, which apply to brokerage services provided by IBG LLC.
In a SOC-1 audit, which is aimed at CPA companies that review financial statements, the sustainability of the design and process efficiency of the internal controls at IBG are checked.
As part of a SOC-2 examination, the brokerage system of IBG and its affiliated brokerage companies is examined based on the design and process efficiency of control systems that refer to the respective principles of the AICPA (Trust Service Principles and Criteria).
At the end of a SOC-1 or SOC-2 exam, the examiner gives his or her opinion in a SOC-1 type 2 or SOC-2 type 2 report, in which the brokerage business / system of IBG and the fairness of the control description is assessed by IBG. In addition, it is also assessed whether the IBG control systems are designed accordingly, were in operation at a certain point in time and function effectively over a certain period of time.
A SOC-3 report is then generated. This is a shortened version of the SOC 2 Type 2 report, which enables IBG to give guarantees about its control systems without disclosing details about the control systems.
The "Statement on Standards for Attestation Engagements" and the "International Standards for Assurance Engagements" (ISAE) are standards within the framework of which audits are carried out and which serve as a general basis for SOC reports type 1, 2 and 3.
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