Dallas, TX – December 17, 2020 – 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 and operating effectiveness for user organizations, SOC 1 (SSAE 18) Type 2 service auditor’s report, after undergoing the engagement performed with the independent auditing firm NDNB Assurance LLP.
The SOC 1 Type 2 report includes an examination that follows the AICPA’s Statement on Standards for Attestation Engagements guidelines that evaluates the description of the system(s) Associa operates on behalf of its user organizations (customers) and the operating effectiveness over a minimum six-month period. These systems are relevant to the internal control processes related to financial reporting to the user organizations (customers). A SOC 1 Type 2 report is known as a report on management's description of a service organization's system and the suitability of the design and operating effectiveness of controls, which includes the following:
“Completing the SOC 1 Type 2 attestation is the next step in Associa’s unwavering commitment to the financial strength and stability of our clients. This new compliance report will give Associa customers elevated confidence that their financial information is stored in a controlled environment that ensures privacy, accuracy, and security,” stated Shannon Streenz, Associa senior vice president of client service operations. “As a Service Organization Control reporting organization, we are proud to maintain the highest levels of design and operating effectiveness of internal controls, top financial standards, and broadest array of financial and accounting services in the industry.”
Through this examination, conducted with the SSAE 18 regulatory guidance and leading industry best practices, the SOC 1 Type 2 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.
With more than 200 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.
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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