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Follow on Google News |  Seventh Annual SAS 70 Type II Audit Enhances AIS's "Epitome" System For Client PFCs & Direct BillingAutomated Installment Systems, Inc. (AIS) successfully completed the Statement on Auditing Standards No. 70 (SAS 70) Type II audit of the controls of AIS relating to processing of premium finance and direct bill payments from 1/1/10 - 12/31/10.
By: Automated Installment Systems, Inc. (AIS) This is the seventh (7th) consecutive year for the Type II audit for AIS. It continues to demonstrate AIS's commitment to provide advanced data management and third-party administration services to its Clients as measured against the highest standards for service delivery, for client-owned, captive, premium finance companies and, now, for direct bill premium installment payment programs. The audit included the data center space and operations at 955 Executive Parkway, Suite 106, Saint Louis, Missouri and at 500 North State College Blvd., suite 1100, Orange, California. SAS Type II audit confirms AIS processing controls for premium finance and direct bill installment payments The SAS 70 Type II audit confirms that AIS's controls as they relate to the processing of premium finance payments and direct bill installment payments have been reviewed and tested by an independent certified public accounting firm in accordance with standards established by the American Institute of Certified Public Accountants. Review and testing validates that controls have been suitably designed to achieve the control objectives specified and are operating effectively. As value added for its Clients, AIS continues to undergo the annual Type II audit which in part confirms: • data center access is limited to only authorized AIS employees and to customers when accompanied by authorized AIS employees; • redundant HVAC and UPS systems are in place to reduce the likelihood that mechanical and electrical failures will result in an outage/service interruption; • all critical facility systems - smoke detection, cooling and power - are inspected and serviced regularly and monitored to ensure their effective operation. SAS 70 Type II audit demonstrates AIS's dedication to keep AIS Clients on cutting edge of technology "AIS's annual SAS 70 Type II audit is one of the more important investments we make to keep our Clients on the cutting edge of technology," "We provide our Clients with highest levels of security and reliability in our cutting edge technology data center and processes. These operational levels are essential for businesses dealing with Sarbanes-Oxley and other industry or regulatory compliance requirements." SAS 70 Type II audit is value added and validation for AIS Clients and their auditors According to Wood, "We are not aware of any other third-party administrator for client-owned, captive, premium finance companies or for direct bill premium installment payment programs that undergoes an annual SAS Type II audit." "By our achieving and maintaining the SAS 70 certification AIS is unique in its ability to provide Clients the added value and validation that they and their auditors truly need from a 100% outsourced administrator." What is SAS 70, Level II Audit? SAS 70, Reports on the Processing of Transactions by Service Organizations, is a widely-recognized auditing standard established by the American Institute of Certified Public Accountants. There are two (2) types of service auditor reports. A Type I service auditor's report includes the service auditor's opinion on the fairness of the presentation of the service organization's description of controls that had been placed in operation and the suitability of the design of the controls to achieve specified control objectives. A Type II service auditor's report includes the information contained in a Type I service auditor's report and also includes the service auditor's opinion on whether the specific controls were operating effectively during the period under review. It allows third-party service auditors to fairly and objectively assess the operational effectiveness of the relevant internal controls of the audited service organization, such as AIS. "Own Your Own” Premium Finance and/or AIS Premium Installment Payment Program for Direct Billing - Helps Retain Existing Business; Helps Create New Business ““Own Your Own” premium finance and AIS premium installment payment program for direct billing utilize AIS’s “Epitome” System cutting edge technology,” "AIS "Own Your Own” premium finance enables agents to minimize the risk of losing an existing account by sending their commercial clients elsewhere for financing. It can also put premium financing to work for AIS clients, as part of their proposal/quote process, to create new business." Read More @ http://www.automatedinstallment.com/ "AIS direct bill premium payment installment program Clients (MGAs, program managers, specialty insurers and others) can virtually eliminate 100% of the expense for direct bill policies they sell. Optionally, they can turn their expense for direct bill policies into a revenue stream," Wood added. "Each AIS direct bill program is tailored for the unique terms and conditions of our Clients' direct programs. AIS Direct Bill can help eliminate typical administrative headaches associated with direct bill policies." Easy, Secure and Profitable AIS "Own Your Own" premium financing is an established, secure and proven investment: • over twenty-six (27) years of history; • over $2 billion financed. Read More @ http://www.automatedinstallment.com/ AIS Clients' "Own Your Own" Premium Finance Companies Achieved Greater Than Thirty Percent (>30%) Return On Investment for 2010." Read More @http://www.prlog.org/ Request an Online Meeting and Demo Request a Web-ex meeting and Online Demo of the AIS "Epitome" system and/or get more information about the benefits and features of “Own Your Own” premium financing and/or an AIS Direct Bill Premium Installment Program and how they may be right for your operation: visit our website @ http://www.automatedinstallment.com; # # # Outsourced Client-Owned Commercial Premium Finance Companies (AIS "Own Your Own" premium finance) enable retail & wholesale agents, program managers, brokers, MGAs, specialty insurers and bank insurance operations to increase revenue and post higher profits. Outsourced Direct Bill Premium Installment Payment Programs enable MGAs, program managers, wholesalers, specialty insurers, banks with insurance operations and others to eliminate virtually 100% of the expense for direct bill polices they sell. Optionally they can turn their expense for direct bill policies into a revenue stream. End
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