FRT Completes Examination in Conformity with Statement on Standards for Attestation Engagements (SSAE) No. 16

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February 3, 2014

Financial Recovery Technologies (FRT), the leader in class action settlement recovery, has 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 for the period May 1, 2013 through October 31, 2013 that was performed by an independent auditing firm.

Completion of the SSAE 16 Type II examination indicates that selected FRT 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: information security, computer operations, application change control, data communications, data loading, claims filing, claims tracking, and settlement recovery.

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.

ssae16A 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 II report not only includes the service organization’s system description, but also includes detailed testing of the design and operating effectiveness of the service organization’s controls.

“We are extremely pleased to have received the SSAE-16 Type 2 attestation, as it exceeds the expectations of many large institutions that partner with FRT,” said Robert I. Adler, president of FRT. “Industry standards indicate to us that this attestation is what should truly be used to judge an organization’s policies and process controls.”

About Financial Recovery Technologies

Founded in 2008, Financial Recovery Technologies is a technology-based services firm that helps investors identify eligibility, file claims, and collect funds made available in securities class action settlements. Financial Recovery Technologies provides a proprietary turnkey solution that allows its clients to fulfill their fiduciary responsibilities with transparency and accuracy. Financial Recovery Technologies is a Cross Country Group company (www.crosscountrygroup.com). For more information, go to www.frtservices.com.

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Founded in 2008, Financial Recovery Technologies (FRT) is a leading technology-based services firm that helps the investment community identify eligibility, file claims and collect funds made available in securities and other class action settlements. Offering the most comprehensive range of claim filing and monitoring services available, we provide best-in-class eligibility analysis, disbursement auditing and client reporting, and deliver the highest level of accuracy, accountability and transparency available. For more information, go to www.frtservices.com.

 

This communication and the content found by following any link herein are being provided to you by Financial Recovery Technologies (FRT) for informational purposes only and does not constitute advice. All material presented herein is believed to be reliable but FRT makes no representation or warranty with respect to this communication or such content and expressly disclaims any implied warranty under law. Opinions expressed in this communication may change without prior notice. Firms should always seek legal and financial advice specific to their unique situation and objectives.