Atlantis earns SSAE 16 certification
Thursday, October 16, 2014
Atlantis National Services Inc., a title insurance agency licensed in 32 states, announced that it completed an audit examination for SSAE 16 SOC1 Type 2 certification.
The SOC1 audit was conducted by Mayer, Hoffman & McCann PC. The report is designed to evaluate the effort of a service organization’s controls on a user entity’s financial statement assertions, Atlantis detailed in a news release.
“We are pleased that our SSAE 16 report has shown that we have suitably designed and operated effective controls,” founding partner Radni Davoodi said. “By going through such an extensive six-month auditing process, we are now able to provide lenders and other financial institutions a report that addresses their concerns in a format which is most familiar to them at their level of assessment.”
SSAE 16 requirements gained favor last year after a bulletin issued by the Office of the Comptroller of the Currency detailed third-party relationships and risk management guidelines.
“Lending institutions, warehouse providers, secondary investors, and FDIC banks are looking for security from their critical third-party vendors, and the SSAE 16 has become the standard that many in the industry are requiring from their title insurance providers,” Atlantis RESPA, Compliance and Regulatory Attorney Marx Sterbcow said. “When my clients ask me what they should do to stay in business, I tell them to achieve SSAE 16 certification as their highest priority.”
The SOC1 report describes Atlantis’ controls, auditors’ testing of controls, and auditors’ opinions on the fairness of descriptions, suitability of design, and operating effectiveness of controls. It is available by contacting Davoodi at Atlantis.
This story appears courtesy of TitleReport.com