SSAE 16 Professionals, LLP Unveils a New Specialty Service Team Focused on Helping Title and Escrow Agencies to Undergo the SSAE 16 (SOC 1) Audit
In an increasingly competitive business environment, SSAE 16 audits are providing Title & Escrow Agencies a competitive advantage in the market.
Los Angeles, CA (PRWEB) June 19, 2013
SSAE 16 Professionals has assembled top tier talent with notable experience in the industry whose primary focus is helping Title & Escrow Agencies undergo and successfully complete the SSAE 16 (SOC 1) audit.
“Many Title & Escrow Agencies are choosing SSAE 16 Professionals to perform their SSAE 16 audit because of our industry experience and personalized approach,” says Jim Jimenez, Managing Partner at SSAE 16 Professionals. “We have a unique blend of expertise coupled with good old fashioned client service.”
In the past, for service organizations such as Title & Escrow Agencies, SAS 70 reports, since been replaced by SSAE 16 audit reports, encompassed financial reporting controls, operational controls, and compliance controls. Today, SSAE 16, also known as SOC 1 audit reports, can no longer be used for any other purpose except for reporting on the system of internal control for purposes of complying with internal control over financial reporting. For reports that are not specifically focused on internal controls over financial reporting, the AICPA has issued an interpretation under AT Section 101 permitting service auditors to issue reports. These reports will now be considered SOC 2 audit reports. SOC 2 reports focus on controls relevant to one or more of the following Trust Services principles: Security, Availability, Processing Integrity, Confidentiality, and Privacy.
The Consumer Financial Protection Bureau (CFPB) is the federal agency holding primary responsibility regulating consumer protection regarding financial products and services in the United States. Its jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies, and its most pressing concerns are mortgages, credit cards and student loans.
Effective January 1, 2013, the CFPB issued an alert to all Banks and Lending Institutions they will be responsible for proper oversight of third party providers they employ. The CFPB issued a list of steps institutions should be taking in regulating their third party providers. One of which calls for the review of the provider´s policies, procedures, internal controls and training materials to ensure that the service provider conducts appropriate training and oversight of employees” that have “consumer contact” and “compliance responsibilities”. These are some of the critical areas that a SSAE16 report would cover and document. This definitely would provide any Title & Escrow Agency with competitive as well as a marketing advantage over their competitors.
About SSAE 16 Professionals
SSAE 16 Professionals, LLP is a leading PCAOB registered accounting firm that specializes in SSAE 16 (SOC 1) and SOC 2 audits, SSAE 16 (SOC 1) and SOC 2 readiness reviews, and other IT audit and compliance reports. Each of our professionals has over 10 years of relevant experience at “Big 4” and other large international or regional accounting firms. Each professional is certified as a CPA (Certified Public Accountant), CISA (Certified Information Systems Auditor), CIA (Certified Internal Auditor), CISSP (Certified Information Systems Security Professional), CRISC (Certified in Risk and Information Systems Control) and/or MBA (Master of Business Administration). For more information, please visit http://www.SSAE16Professionals.com.
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