24 Nov CV Escrow Completes In-Depth Audit for CFPB Regulations
The SOC 1 report audits the controls relevant to a service organization’s financial reporting systems. A SOC 1 audit is widely recognized, because it represents that a service organization has been through an in-depth audit of their control activities, which include controls over information technology and related processes. By obtaining a SOC 1 report, Pango Group has demonstrated that they have adequate controls and safeguards when they host or process data belonging to their customers.
SOC 2 focuses on vital policies and procedures not directly tied to revenue. SOC 2 was created to protect companies from hackers that attempt to steal financial and computing resources, as well as personal information. Completing the SOC 2 audit assures Pango Group clients that they utilize the appropriate systems to safeguard their customer’s data and information.
With the ever evolving regulations mandated by the Consumer Financial Protection Bureau (CFPB), Pango Group is proud to be the first independent escrow company in California to complete this certification to ensure our client’s non-public personal information (NPPI) is protected. As part of the process, Squar Milner, the largest independent accounting and advisory firms in California, as well as one of the largest 75 accounting firms in the nation, performed both of these extensive audits.
“We have invested a tremendous amount of time and resources over the past 18 months into these certifications to make sure we are leaders in compliance. This is a great accomplishment and will allow us to continue our top-notch service in a changing regulatory environment,” says Pango Group CEO Scott Akerley.
“Clients can count on us to comply with industry best practices, and our hope is that our efforts allow them to concentrate on growing their business, instead of worrying about compliance.”
What is CFPB?
The Consumer Financial Protection Bureau (CFPB) is an independent agency of the United States government responsible for consumer protection in the financial sector. Mandated by Dodd Frank, Congress established the CFPB to protect consumers by carrying out federal consumer financial laws. Other functions of the CFPB include researching consumer behavior, to monitor financial markets for new risks to consumers, and to promote financial education.
What is SSAE 16?
In both the Escrow and Title Industries, SSAE 16 SOC 1 and SOC 2 Type I is becoming the industry standard designed to provide an overview of Service Organization’s description of internal controls and processes relevant to their customers. The audit is helpful for Service Organizations to gain an understanding of the quality and type of controls and processes that are in place. A SSAE 16 SOC 1 and SOC 2 Type I audit has an audit opinion and a description of services relevant to the services under review as of a point in time. What does this mean? An Independent External Auditor provides an audit opinion describing the type and quality of controls a company has in place, which are designed to comply with industry best practices.