SSAE 16 Certification
||Meridian Title Completes Examination in Conformity with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization
South Bend, IN – Meridian Title Corporation, a locally owned title and escrow company headquartered in South Bend, Indiana, announced that it has recently completed its examination in conformity with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization as of August 15, 2016 that was performed by an independent accounting and auditing firm.
Completion of the SSAE 16 Type I examination indicates that Meridian Title Company’s processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm. The examination included the company’s controls related to:
• Corporate Governance
• Escrow Trust Account Reconciliation
• Settlement Procedures
• Title Policy Production and Delivery
• Reporting and Premium Remittance
• Liability Insurance
• Customer Complaints
• Information Security
• Change Management – Network Infrastructure
• Computer Operations (Incident Monitoring and Problem Management, Data Transmission, Data Backup)
SSAE 16 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user entity’s management to obtain assurance about service organization internal controls without conducting additional assessments. In addition, the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SSAE 16 reports even more important to the process of reporting on effective internal controls by public companies.
A SSAE 16 examination is widely recognized, because it represents that a service organization has been through an evaluation of their control activities as they relate to an audit of the financial statements of its customers. A Type I report not only includes the service organization's system description, but also includes detailed testing of the design of the service organization's controls.
“The SSAE 16 report demonstrates to the Lending Community that Meridian Title has the appropriate controls in place to mitigate risks to lenders and consumers in this age of compliance oversight. The SSAE 16 validates Meridian’s internal controls, and Lenders now have the assurance that this report reflects the comprehensive standard that Meridian has in place to aid in Lenders overseeing their vendors. Meridian chose the SSAE 16 report as a testament to its continued commitment to compliance for its lenders and consumers in handling their real estate transactions.”
- Mark Myers - President/CEO
About Meridian Title Corporation
For over 75 years, Meridian Title’s mission has been to be the premier real estate settlement service provider focused on customer service. We utilize the highest level of technology, along with the most talented and ethical staff, to develop partnerships with our customers and communities. We will work toward our continued goal of growth, both locally and nationally.