Andesa Services, Inc., a leading provider of comprehensive, integrated policy administration, plan administration and support solutions for life insurance and annuity carriers and producers, announced today that it has completed an annual SSAE 16 examination.
The independent third-party examination, conducted by a certified public accountant (CPA) firm, provides assurance to Andesa clients that the company’s business process and information technology controls were suitably designed and operated effectively for the period covering Oct. 1, 2011 through Sept. 30, 2012.
The American Institute of Certified Public Accountants (AICPA) published a new attestation standard in 2011 – Statement on Standards for Attestation Engagements (SSAE) No. 16 – which superseded the previous Statement of Auditing Standard (SAS) 70 guidance for performing an examination of a service organization’s controls and processes. A CPA firm utilizes SSAE 16 guidance to deliver a Service Organization Controls 1 Report (SOC 1), which is a report on controls at a service organization that are relevant to user entities’ internal control over financial reporting.
The Type 2 report provides a thorough examination of the design and operating effectiveness of Andesa’s internal controls as they relate to the financial reporting of user organizations. Its scope covers relevant aspects of the control environment, including computer and data center operations, business transaction processing, physical and environmental security, network security, logical access, the Software Development Life Cycle (SDLC) and change management controls.
“The successful completion of the annual SSAE 16 SOC 1 Type 2 examination is an important component of Andesa’s commitment to exceeding the expectations of the users of our systems in regard to operations, compliance and financial reporting,” Andesa CFO Mark Wilkin said. “For our partners that use Andesa’s systems, SSAE 16 compliance provides confidence that our solutions’ value will be consistently delivered.”
About Andesa Services
Andesa Services has been an industry leader in quality, highly efficient, integrated marketing and administrative solutions for life insurance and annuity companies and their distributors for nearly 30 years. Seven of the top 13 U.S. life insurance companies – as well as a number of the largest brokerage firms in the country – use Andesa’s suite of services to deliver superior policy administration, plan administration, reporting and illustration solutions. Andesa’s client-centric solutions combine a unique ASP/TPA business model with a modern technology blueprint and exceptionally knowledgeable insurance professionals in support of open and closed blocks of individual and group insurance. To learn more about Andesa, visit https://andesaservices.com/.