| External Audits | | | Independent, third-party governance of your precious metals |
GoldMoney customers are assured that their metal is safe and accounted for thanks to the periodic reports provided by external third parties. Metal Administrator Andium Trust Company, a Jersey-based trust company regulated by the Jersey Financial Services Commission, is the metal administrator and fulfils an important role by overseeing each addition and removal of gold, silver and platinum into and out of our database. To achieve a high degree of security, our system has been designed with numerous checks and balances. For example, metal can only be added to or removed from the database with the consent of two parties: the metal administrator and GoldMoney. Also, the vault only acts on instructions to remove metal when representatives from both the metal administrator and GoldMoney have signed off the request. Quarterly Reports 1) Reports by the Vault Operator
The vault operator, VIA MAT International Ltd., an independent third party, routinely prepares a bar list showing all of the precious metals owned by GoldMoney's customers that is held in its vaults. These reports, which include bar number, weight, refinery, and fineness, are posted quarterly to our website. 2) Reports by the Metal Administrator
The metal administrator, Andium Trust Company, an independent third party, verifies that the totals shown in the bar list prepared by the vault operator equals the amounts of gold, silver and platinum recorded in GoldMoney's database. The metal administrator has special access to review at any time the total amount of metal recorded in GoldMoney's database. These reconciliation reports by the metal administrator are posted quarterly to our website. 3) Reports by the Vault Auditor
The vault auditor, Inspectorate International Ltd, an independent third party, audits on a quarterly basis the precious metals owned by GoldMoney’s customers to ensure that the physical bars held in the vaults operated by VIA MAT International Ltd correspond to the bar weight lists posted to our website. The audits are performed on a statistical random sample basis with the exception of Registered Gold Bars which are audited on a 100% basis every quarter. The audit certificates issued by Inspectorate International Ltd are posted quarterly to our website. Audit Reports GoldMoney has contracted with one of the Big Four accounting firms to complete each year a SAS 70 Type II report. It is an audit of all activity related to the addition and removal of gold, silver and platinum from the vault as well as the database. By examining the vault reports and the database logs, the auditor can confirm that there has at all times been a one-to-one ratio between the weight of metal in the vaults and the quantity of metal recorded in the database over the course of the reporting period. Additionally, the auditor also reviews and reports on other important areas such as governance practices, order processing and other operational procedures, and IT security. We are pleased to note that there have been no exceptions reported by the auditor since our launch in 2001. These reports by the auditor are available to customers upon request. | |
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