ssae-16-smallThe LaSource Group is licensed and/or bonded to do business accordingly by law as required for commercial collection agencies. Not every state requires commercial collections agencies to be licensed and/or bonded. Some require licensure granting the permission to practice, while others stipulate registration and/or the posting of a bond. Some states accept the filing of a letter of exemption or a certificate of compliance. Our bonding requirements are reviewed and renewed through the International Association of Commercial Collectors (IACC) and our legal department for our client’s peace of mind and protection.

SSAE 16 Type1 (SOC1)

SSAE 16 Type 1 (SOC1) provides user organizations with a strong sense of comfort about the processes service organizations perform relevant to controls around financial reporting that impact user organizations.

The most significant benefit of SSAE 16 for service organizations is that it allows them to more clearly articulate information about their company and its control environment. In essence, SSAE 16 enables service organizations to present a strong position to its user organization clients about their control environment relevant to processes that impact user organizations’ financial reporting.

Under the new standard, it is clear the purpose of a SOC 1 report is to report on the controls at a service organization that are relevant to the user organization’s financial reporting.