California Escrow Company Completes SOC 1, SOC 2 Security Audits
November 20, 2014
Pango Group, independent escrow company in California, announced that it recently completed a Statement on Standards for Attestation Engagement No. 16 (SSAE 16) SOC 1 and SOC 2 Type I audit.
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 audit of their control activities, which include controls over information technology and related processes. By obtaining a SOC 1 report, Pango Group said it has demonstrated that it has adequate controls and safeguards whent it hosts or processes customer non-public personal information.
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.
Squar Milner, an accounting and advisory firm in California, performed the 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,” said Scott Akerley, Pango Group CEO.
“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,” he added.
Contact ALTA at 202-296-3671 or [email protected].