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Cass is a publicly traded (NASDAQ: CASS) bank holding company and therefore subject to SEC, NASDAQ, and Federal Reserve rules and regulations relating to accounting standards and controls, disclosure requirements, corporate governance, and safety and soundness. KPMG LLP audits our financial statements and Cass files annual (10k) and quarterly (10Q) reports with the SEC. In addition, Cass has an audit committee comprised entirely of independent directors and an active internal audit function. Cass contracts with an independent CPA firm to perform a SAS 70 Type II third party review, which we provide to clients to meet their internal audit requirements. Cass and its subsidiary bank are also subject to examination by federal and state banking regulators.
Cass management desires, and as a bank holding is required to maintain a strong financial position to protect the assets of its depositors and customers. It is this financial strength, as reflected in our financial statements and our company's longevity that provides security for our customers. However, in addition to this strength, Cass maintains a banker's blanket bond. This type of bond is specifically designed for financial institutions to protect third parties. Standard commercial crime policies (bonds) are typically designed to protect company assets, not third parties.
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