Tag Archive | "SSAE 16"

RoadVantage Successfully Completes Second Straight SSAE 16 (SOC 1) Type II Audit


AUSTIN – 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.”

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RoadVantage Successfully Completes SSAE 16 (SOC 1) Type II Audit


AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the successful completion of its SSAE 16 (SOC 1) Type II audit.

After successfully completing the SSAE 16 Type I audit in December, RoadVantage sought the Type II audit to emphasize its dedication to best practices as the company continues its rapid growth. The third-party audit evaluated the execution of RoadVantage’s operational controls and critical procedures.

“The SSAE 16 (SOC 1) Type II audit is really the gold standard within the industry,” said Gary Pennington, Partner at SSAE 16 Professionals, LLP, the firm that conducted the audit. “The Type I audit evaluates the design of internal controls, while the Type II audit measures the operating effectiveness of those controls – how do those controls behave when put into action? This makes the Type II audit much more challenging to successfully complete.”

The audit undergone by RoadVantage was conducted in accordance with the AICPA SOC reporting standards by SSAE 16 Professionals, a full service accounting firm providing SSAE 16 (SOC 1) audits, SOC 2 audits, and other IT compliance audits.

“By successfully completing both the Type I and Type II audits, we demonstrate our ongoing commitment to excellence,” said Garret Lacour, CEO of RoadVantage. “Our customers can be assured that even with our rapid growth, our operational standards are 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.

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F&I Administration Solutions Announces Successful Completion of SSAE 16 (SOC 1) Audit


Chicago, Ill. – F&I Administration Solutions LLC (F&I Admin), North America’s leading provider of software solutions for the administration of automotive F&I products, announced the successful completion of its first SSAE 16 (SOC 1) audit. F&I Admin develops and supports the SCS Auto product suite, which enables F&I product providers to manage all F&I products including vehicle service contracts, GAP, prepaid maintenance, appearance protection, etch, key replacement, theft, limited warranties and more in a single system throughout the entire product lifecycle.

“With so many customers using and considering using SCS Auto, we wanted to show that our commitment to excellence extended to not only the product capabilities and partnerships, but also to the underlying processes and controls required to manage the code and customer data,” said David Trinder, CEO, F&I Admin. “This reinforces our repeated message to our customers – that F&I Admin is as forward-looking as they are, not only by leading with product features and integration capabilities, but in the standards and controls necessary to ensure sustained growth with minimal risk.”

“F&I Admin’s focus on strong internal controls is evident in this report,” said Jim Jimenez, managing partner, SSAE 16 Professionals LLP. “The successful completion of this audit is a testament to F&I Admin’s integrity, accountability and its commitment to its clients.”

“Completing a successful SSAE 16 audit not only required a clear understanding of the controls that are necessary, but required us to prove that they are in place and that we are following them diligently,” added Kumar Kathinokkula, COO, F&I Admin. “Interestingly, our existing processes and controls did not have to change at all, which is a testament to the fact that we have always believed in managing our business the right way.”

The audit undergone by F&I Admin was conducted in accordance with the AICPA SOC reporting standards. It was conducted by SSAE 16 Professionals, a full service accounting firm providing SSAE 16 (SOC 1) audits, SOC 2 audits, and other IT compliance audits.

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