In an effort to demonstrate the company’s commitment to operating under the highest standards of business practices and validate the best-in-class solutions provided to the clients, the Scarlett Group has successfully completed Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA)’s Statement on Standards for Attestation Engagements (SSAE) 16 accreditation.
The SSAE 16 accreditation, which effectively replaces SAS 70 as the authoritative guidance for reporting on service organizations, was finalized by the AICPA, which measures service organizations’ controls and safeguards. Its SAS 70 classification is a widely-recognized auditing standard and is recognized as one of the most rigorous assessments of a servicing company’s internal processes, systems and controls.
Superseding the SAS 70 standard, the Type I SSAE 16 assessments provide independent third party verification of management’s assertion that a service organization’s policies and procedures were correctly designed at a point in time to achieve specified control objectives.