NWP Services Corporation Expands SSAE 16 Type II Audit Report for Multifamily Customers to International Standards ISAE 3402
- Dec 06, 2013
Costa Mesa, Calif.—NWP Services Corporation (NWP), a provider of utility management, resident and property operation services, today announced successful completion of the US SSAE 16 Type II Report (Statement on Standards for Attestation Engagements No. 16). NWP was the first company in the multifamily industry to issue this report and continues this leadership for the multifamily industry by being the first to adopt the International 3402 standards.
ISAE 3402 is a global standard developed by the International Auditing and Assurance Standards Board to guide accountants in issuing a report for use by organizations and their auditors. The benefits of the review to portfolios, owners and investors in multifamily include improved awareness of third party risks and internal controls for hosted IT services or IT systems; additional cost of sponsoring audit reviews at service organizations are avoided particularly for overseas investors; and the ability to attract overseas investments with solid financial controls.
SSAE 16 is a standard developed by the American Institute of Certified Public Accountants (AICPA) for service organizations. The standard extends and replaces the previous SAS 70 standard, incorporating international control standards. A successful SSAE 16 Type II Report validates that NWP has completed a rigorous independent audit of its control objectives and activities within product, operations and related service areas.
In its sixth year reviewing controls relevant to the customer organizations and reporting on financials (initially attained under SAS 70), NWP demonstrates its continued investment in the processes, systems and infrastructure supporting customers’ business environments.