Atlantis National Services, Inc., (“Atlantis”) a 32 state licensed title insurance agent, happily announced today that the company has completed a Service Organization Control (SOC1 Type 2) examination by its auditors at Mayer, Hoffman, & McCann P.C.  Atlantis’ examined controls have been established, maintained and operated under the supervision of the founding partners Radni Davoodi and Raymond Y. Davoodi.

A SOC 1 ^SM report is designed to meet the needs of user entities’ management and auditors as they evaluate the effect of a service organization’s controls on a user entity’s financial statement assertions.  These reports are important components of user entities’ evaluation of their internal controls over financial reporting for purposes of compliance with laws and regulations and for when user entity auditors plan and perform financial statement audits.

“We are pleased that our SSAE 16report has shown that we have suitably designed and operating effective controls.” said Radni Davoodi.  “As part of our mission to our industry and commitment to our clients; we strive to deliver the best product possible and plan on doing so with complete transparency.  By going through such an extensive 6 month auditing process, we are now able to provide lenders and other financial institutions a report that addresses their concerns in a format which is most familiar to them at their level of assessment.”

The SSAE 16 requirements became a hot topic in the financial industry after the Office of the Comptroller of the Currency (OCC), the regulatory body which supervises all national banks, federal savings associations and foreign banks, issued a bulletin on October 30, 2013, detailing Third-Party Relationships and Risk Management Guidelines (http://www.occ.gov/news-issuances/bulletins/2013/bulletin-2013-29.html).

“Lending institutions, warehouse providers, secondary investors, and FDIC Banks are looking for security from their critical 3rd party vendors and the SSAE 16 has become the standard that many in the industry are requiring from their title insurance providers”, said Marx Sterbcow, Esq., Atlantis’ RESPA, Compliance & Regulatory Attorney.  “When my clients ask me what they should do to stay in business, I tell them to achieve SSAE 16 certification as their highest priority.”

Our SOC 1^SM report describes our controls, our auditors testing of our controls, and our auditor’s opinion on the fairness of our description, suitably of the design and operating effectiveness of our controls.

Those interested in a copy of our SOC 1^SM report may contact Radni Davoodi at 516.829.7100 or via email at [email protected].