Associa Achieves American Institute of Certified Public Accountants’ System and Organization Controls Compliance

December 10, 2018

Dallas, TX – December 10, 2018 – Associa, the industry’s largest community management company, has completed an attestation under the American Institute of Certified Public Accountants’ (AICPA) Service Organization Controls related to internal controls for financial reporting to User Organizations (SOC 1) Type 1 report, commonly referred to as the “SOC 1 Type ONE report” or generically as “SOC compliance” after undergoing the engagement performed with the independent auditing firm NDNB Assurance LLP (ndbcpa.com & socreports.com) and its local Texas CPA affiliate organization (texascpa.org).

The SOC 1 Type 1 report includes an examination that follows the AICPA’s Statement on Standards for Attestation Engagements (SSAE 18) guidelines that evaluates the description of the system(s) Associa operates on behalf of its User Organizations (customers).  These systems are relevant to their internal control processes related to financial reporting to the User Organizations (customers) and defined within scope. Type 1 reports provide:

  • A description of controls supported by management’s assertion and an auditor’s opinion on the fairness of that description, and whether the controls had been placed into operation.
  • A management assertion and an auditor’s opinion on whether the controls are suitably designed to meet the control objectives that Service Organizations are designed to provide as well as an independent review of control environment.

Through this examination conducted with the SSAE 18 regulatory guidance and leading industry best practices, the SOC 1 report will support a service organization’s ability to address its own financial statement audit for services and activities outsourced to Associa with greater confidence.

“The financial strength and stability of a community association are vital to its success.  Associa’s recent completion of the SOC 1 attestation is just another step in our commitment to our valued clients. This compliance report will provide customers with an added confidence that their financial information is prepared in a well-controlled environment,” stated Shannon Streenz, Associa senior vice president of client service operations. “As a Service Organization Control reporting organization, we’re proud to maintain the highest measures of internal controls, the tightest financial standards, and the broadest array of financial and accounting services in the industry.”  

About Associa

With more than 180 branch offices across North America, Associa delivers unsurpassed management and lifestyle services to nearly five million residents worldwide. Our 10,000+ team members lead the industry with unrivaled education, expertise and trailblazing innovation. For more than 40 years, Associa has provided solutions designed to help communities achieve their vision. To learn more, visit www.associaonline.com.

About AICPA

The American Institute of Certified Public Accountants is the world’s largest member association representing the accounting profession and has a history of serving the public interest since 1887. Today, AICPA has 431,000+ members in 137 countries and territories, representing many areas of practice, including business and industry, public practice, government, education and consulting. To learn more, visit https://www.aicpa.org/.

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