Fastest-Growing F&I Provider Again Meets Standards for Best Practices —
Austin, Texas (PRWEB) – June 27, 2016 – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the successful completion of its second annual SSAE 16 (SOC 1) Type II audit, ensuring the company’s controls and procedures continue to conform to industry standards for best practices.
RoadVantage sought the SSAE 16 Type II audit, conducted by SSAE 16 Professionals, LLP, again this year in order to reinforce its commitment to excellence while experiencing ongoing rapid growth.
“The SSAE 16 Type II evaluates how well an organization adheres to critical internal controls and processes,” said Gary Pennington, Partner at SSAE 16 Professionals, LLP. “Successful completion of this audit provides assurance to customers that RoadVantage operates consistently within operational standards.”
The audit undergone by RoadVantage was conducted in accordance with the AICPA SOC reporting standards by SSAE 16 Professionals (http://www.ssae16professionals.com), a full service accounting firm providing SSAE 16 (SOC 1) audits, SOC 2 audits, and other IT compliance audits.
“We sought the SSAE 16 Type II audit again this year to demonstrate our ongoing commitment to best practices,” said Garret Lacour, CEO of RoadVantage. “The growth we’ve experienced is all the more reason to ensure our operational standards remain best in class.”
About SSAE 16 (SOC 1) Reports
SSAE 16 (SOC1) audits, which have effectively replaced SAS 70 reports, are in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization. SOC 1 reports retain the original purpose of SAS 70 by providing a means of reporting on the system of internal control for purposes of complying with internal control over financial reporting. SOC 1 reports are restricted-use reports for the following areas:
- Management of the service organization (the company who has the SOC 1 performed),
- User entities of the service organization (service organization’s clients), and
- The user entities’ financial auditors (user auditor). The report can assist the user entities’ financial auditors with laws and regulations such as the Sarbanes-Oxley Act. A SOC 1 enables the user auditor to perform risk assessment procedures, and if a Type II report is performed, to assess the risk of material misstatement of financial statement assertions affected by the service organization’s processing.
About SSAE 16 Professionals, LLP
SSAE 16 Professionals, LLP is one of the nation’s leading firms specializing in SSAE 16 (SOC 1) audits, SOC 2 audits, IT compliance audits, and readiness assessments. 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), and/or MBA (Master of Business Administration).
For more information, please visit http://www.SSAE16Professionals.com.