Armored Transportation Providers Answer the Call for SSAE 16 Compliance
In the past, compliance was only an issue for highly regulated industries (e.g. banking and financial services). However, industries who once found the need of having a formal compliance program in place unnecessary, are now finding the need is greater than ever. A classic example is the armored transportation industry. The primary reason behind this push for compliance comes from the banking clients of the armored transportation companies. In an effort “know their vendors”, banks are increasingly demanding that their clients have formal compliance programs in place. Of particular importance to the customers of armored transportation providers are the business operational controls, which need to be in place to ensure cash counts are complete, timely, and accurate. Similar to casino cash cages, armored transportation companies work with a lot of cash, which is incentive enough to have solid internal controls in plac
To meet this requirement, financial institutions are now requiring that their armored transportation vendors successfully undergo an annual SSAE 16 (SOC 1) audit. The SSAE 16 audit report provides transparency around the controls in order to provide assurance that all client data is protected and all cash reporting is complete, timely, and accurate.
Additional benefits of performing an SSAE 16 (SOC 1) audit include:
- Annual Investment – Many companies view SSAE 16 audits as an annual investment with a proven ROI, increasing your prospective client base, organizational productivity, customer retention and accountability.
- Financial Audit Requirement for Public Companies – Auditors of your Clients will increase their scrutiny of the “system of internal control” during their audits of the financial statements (Sarbanes-Oxley), which will result in more requests for your SSAE 16 report.
- Competitive Advantage – SSAE 16 can be a key differentiator to your prospective clients.
One Time Audit – Avoids user auditors (auditors of your clients) continuously contacting your personnel for separate audits throughout the year. Rather, your clients request and rely on the SSAE 16 report.
- Increased Trust and Transparency with Clients – Clients are more likely to trust your organization with their data or performing an important business process on their behalf because they will have the ability to review your SSAE 16 report and verify the effectiveness of your controls. This allows your clients to manage their risks and exposures while outsourcing key business services to your company.
- Increasing Organizational Efficiencies and Cost Reductions – We take a consultative approach to each engagement. This allows us to “think outside the box” and provide value added recommendations to improving your business.
- Key Relationship and Knowledge Source – with SSAE 16 Professionals, we are available year-round for our clients. If you have any questions regarding processes, you can reach out to us for advice and recommendations.
- Increased Investor Confidence – many investors, including venture capitalists and angels, require the companies they invest in to perform annual SSAE 16 audits. The SSAE 16 audit allows the investors to manage their risk by ensuring effective internal controls are in place.
- Build Efficiencies with RFP’s – if your company receives RFP’s throughout the year from client prospects, your SSAE 16 can reduce the overall effort in completing the RFP. Client prospects are concerned with risks to their information, many of which will be independently tested within the SSAE 16 report. Additionally, if your company does not perform a SSAE 16 and the RFP includes a question requiring the report, you face the possibility of being eliminated from the bidding process, even if you are the most qualified service provider.
About SSAE 16 Professionals
SSAE 16 Professionals is based in the United States, but serves clients around the globe. The firm’s leadership team has over 150 years of combined business management, operations and related information technology (IT) experience. SSAE 16 Professionals has performed over 1,000 SOC audits, and unlike most traditional CPA firms which focus on financial statement auditing and tax compliance, SSAE 16 Professionals focuses on information security (InfoSEC) and compliance related engagement programs. These engagements include, but are not limited to, SSAE 16 audits, SOC 2 audits, SOC 3 audits, SOC readiness assessments, ISO 27001 assessments, PCI compliance, HIPAA compliance, HITRUST compliance, vulnerability assessments, and penetration testing.
Please Contact Us or visit our website at www.SSAE16Professionals.com for more information.
Lastly, please download our FREE “SSAE 16 Audit Overview” and “SSAE 16 Audit Scoping Document”.