Irvine, Calif.-based Financial Asset Services Inc. (FAS), a national asset management company, has successfully completed a SAS 70 Type II audit.
By meeting the SAS 70 audit standards, clients of FAS can be assured that the critical internal control standards as required by the Sarbanes-Oxley Act are being met and that FAS has been independently confirmed to be in compliance, the company says.
A SAS 70 audit, developed by the American Institute of Certified Public Accountants, is used to report on controls placed in operation and test the operating effectiveness of those controls.
Accounting firm Stonefield Josephson completed the FAS audit based on its review of the following control objective areas: organization and administration; real estate owned operations; broker price opinion, appraisal and valuation operations; vendor management; and IT controls.
"Having this certification is important in our existing operation, and is especially valuable in our short-sale process, where we are handling non-public personal information of distressed homeowners," explains Stacy Seminoff, president of FAS.
SOURCE: Financial Asset Services