Professional Placement Services Successfully Completes SSAE 16

Posted on 09. Feb, 2012 by in Press Releases

February 10, 2012
Milwaukee, WI – Professional Placement Services, LLC (PPS – www.paypps.com) received affirmation of its collection and payment processing, technology and security practices with the successful completion of a SSAE 16 audit and receipt of its Service Organization Controls Report (SOC1 Report Type II). The SSAE 16 audit supersedes the former SAS 70 audit. The former SAS 70 report has been replaced with SOC1 Type I and Type II Reports now falling under SSAE 16 guidance.

SVA Certified Public Accountants, S.C. (SVA), an independent accounting and auditing firm, has issued the SOC1 Type II Report indicating that PPS’ collections processing system fully satisfies all SSAE 16 audit and test criteria.

“The primary objective of PPS is to ensure timely collection of client receivables in compliance with all laws and regulations” said Irina Johnson, PPS President. “A successful SSAE 16 audit completion requires a company to operate with a greater focus on risks and monitoring of its control environment, so this validation by SVA, an independent third-party, provides assurance that our system of controls over security, technology, collection and payment processing operates effectively.”

PPS Principal Craig Johnson has seen firsthand an increasing emphasis on SSAE 16 in the collection industry. “Not only do we have millions of client dollars moving through our system with respect to our collection and payment practices, we also handle confidential client data. That’s why it’s crucial that we provide customers with complete confidence in our collection practices, payment processing and related controls.”

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One Response to “Professional Placement Services Successfully Completes SSAE 16”

  1. Todd Langusch

    10. Feb, 2012

    You might want to go to the AICPA website and review the FAQs regarding SSAE 16 SOC1, SOC2, and SOC3 reports to understand the differences and there uses. A SOC 1 report (as with a SAS No. 70 report) is restricted to management of the service organization, user entities that are customers of the service organization, and user auditors. A SOC 1 report is not intended to be used as a marketing or sales tool by the client. SSAE No. 16 does not apply to examinations of controls over subject matter other than user entities’ ICFR, and neither does SAS No. 70. Such engagements would be performed under AT section 101 of the attestation standards. The new AICPA guide Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy (SOC 2 guide) uses AT section 101 as a framework for reporting on the effectiveness of controls relevant to security, availability, processing integrity, confidentiality, or privacy.

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