NWP Services Corporation Completes Annual SAS70 Type II Audit

Dec. 9, 2010 - PRLog -- NWP Services Corporation (NWP), a leading provider of financial transaction processing solutions for the multifamily housing industry, announced today that it has received its annual SAS 70 Type II report for the period ending October 31, 2010. The service audit was performed by GHP Horwath, P.C. under Statement of Auditing Standards No. 70 (SAS 70), and it assessed the effectiveness of controls and processes associated with NWP’s leading-edge resident billing, electronic rent payment and utility management products and hosting services offered to multifamily housing owners and operators nationwide.

“We are pleased with the service auditor’s report. In addition to validating the integrity of our internal practices, the fact that we have the report will continue to help all our clients meet their own financial reporting and internal control obligations under Sarbanes-Oxley,” stated Jim Charles, senior vice president of product management and engineering for NWP. “NWP will pursue an annual examination under the new SSAE 16 to ensure we are offering our customers needed information about our on-demand services that meet their security needs and allow the exchange of critical data with the utmost confidence,” Charles added.

SAS (Statement on Auditing Standards) 70 was developed by the American Institute of Certified Public Accountants, and is the standard used to report on a service organization’s internal controls and procedures, including those that may be of interest to user organizations.

In December 2009, the International Auditing and Assurance Standards Board (IAASB) issued the International Standard on Assurance Engagements (ISAE) 3402, Assurance Reports on Controls at a Service Organization. Shortly after in April 2010, the American Institute of Certified Public Accounts (AICPA) issued Statement on Standards for Attestation Engagements (SSAE) 16, Reporting on Controls at a Service Organization. SSAE 16 supersedes SAS 70 for reports with periods ending on or after June 15, 2011. “NWP will pursue the new Standard SSAE 16 in the 2010/2011 compliance year” said Charles.

Property management firms require credible assurances that a hosting services and solutions provider has processes and controls in place to provide a stable and secure network, including safe customer data exchange capabilities. SAS 70 helps provide the information these user organizations need. To obtain similar assurance without access to the provider’s SAS 70 report, customers would have to send their own auditors to conduct individual review procedures. NWP's SAS 70 certification helps customers avoid individual auditing expenditures, and because the audit has already been performed, provides this information immediately.

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NWP provides financial transaction processing services for the multifamily industry. NWP is a recognized leader in service quality for resident billing, resident payment processing and utility management services.