DALLAS, Jan. 28, 2013 /PRNewswire/ -- Team One Adjusting Services, a full service claims administration and adjustment company, today announced that it has completed its semi-annual SOC 1 (Service Organization Control) Type II audit. This certification attestation verifies that Team One has the proper internal controls and processes in place to deliver high quality services to its clients.
KirkpatrickPrice, a licensed CPA firm, performed the audit and appropriate testing of Team One's controls that may affect its clients' financial statements. In accordance with SSAE 16 (Statement on Standards for Attestation Engagements), the SOC 1 Type II audit report includes Team One's description of controls as well as the detailed testing of its controls over a minimum six-month period. Team One Adjusting Services completed its SOC 1 audit on November 30, 2012.
"Team One is proud to announce its compliance with the Sarbanes-Oxley Act of 2002. We received the SSAE 16 Type II certification in January of 2013," said Team One Vice President, Cliff Parker. "We believe this level of commitment will allow Team One to be an even greater asset to all of our existing and future client relationships," said Parker.
"Many of the Team One clients rely on their systems to process or store sensitive data," said Joseph Kirkpatrick, Managing Partner with KirkpatrickPrice. "As a result, Team One has implemented best practice controls demanded by their customers to address Information Security risks. Our third-party opinion validates these controls and the tests we perform provide assurance regarding the managed solutions provided by Team One Adjusting Services."SOC 1 Type II is a reporting on the controls at a service organization that was established by the American Institute of Certified Public Accountants (AICPA). This report is in compliance with the SSAE 16 auditing standards which focus on the controls of a service organization that are relevant to an audit of a user entity's financial statements. The standard demonstrates that an organization has adequate controls and processes in place. Federal regulations such as Sarbanes-Oxley, Gramm-Leach-Bliley and the Health Insurance Profitability and Accountability Act (HIPAA) require corporations to audit the internal controls of their suppliers, including those that provide technology services.