Independent Audit Verifies Stoneleigh Recovery Associates’ Internal Controls and Processes
Lombard, IL – KirkpatrickPrice announced today that Stoneleigh Recovery Associates, LLC, a nationwide debt collection service, has received their SOC 1 Type II and SOC 2 Type II attestation reports. The completion of these engagements provides evidence that Stoneleigh Recovery Associates has a strong commitment to deliver high quality services to its clients by demonstrating they have the necessary internal controls and processes in place.
KirkpatrickPrice, a licensed CPA and PCI QSA firm, performed the audit and appropriate testing of Stoneleigh Recovery Associates’ controls that may affect its clients’ financial statements. In accordance with SSAE 18 (Statements on Standards for Attestation Engagements), the SOC 1 Type II audit report includes Stoneleigh Recovery Associates’ description of controls as well as the detailed testing of its controls over a minimum six-month period. This report is in compliance with the SSAE 18 auditing standards and focuses on the controls of a service organization that are relevant to an audit of a user entity’s financial statements. Federal regulations such as Sarbanes-Oxley, Gramm-Leach-Bliley and the Health Insurance Portability and Accountability Act (HIPAA) require corporations to audit the internal controls of their suppliers, including those that provide technology services.
“Many of Stoneleigh Recovery Associates’ clients rely on them to protect consumer information,” said Joseph Kirkpatrick, Managing Partner with KirkpatrickPrice. “As a result, Stoneleigh Recovery Associates has implemented best-practice controls demanded by their customers to address information security and compliance risks. Our third-party opinion validates these controls, and the tests we perform provide assurance regarding the managed solutions provided by Stoneleigh Recovery Associates.”
SOC 2 engagements are based on the AICPA’s Trust Services Principles. SOC 2 service auditor reports focus on a Service Organization’s non-financial reporting controls as they relate to security, availability, processing integrity, confidentiality, and privacy of a system. KirkpatrickPrice’s service auditor report verifies the suitability of the design and operating effectiveness of Stoneleigh Recovery Associates’ controls to meet the criteria for these principles.
“The SOC 2 audit is based on the Trust Services Principles and Criteria. Stoneleigh Recovery Services has selected the security and availability principles for the basis of their audit,” said Joseph Kirkpatrick, Managing Partner with KirkpatrickPrice. “Stoneleigh Recovery Services delivers trust based services to their clients, and by communicating the results of this audit, their clients can be assured of their reliance on Stoneleigh Recovery Associates’ controls.”
“Maintaining a strong compliance management system is one of the core principles of our business and success as a debt collection company,” said Kelly Knepper-Stephens, General Counsel & Chief Compliance Officer with Stoneleigh Recovery Associates. “Receiving validation that our controls meet the high standards for both the SOC 1 Type II and SOC 2 Type II independent audits provides a level of confidence that our Board of Directors and customers have come to depend upon.”
About Stoneleigh Recovery Associates
Founded in 2007, Stoneleigh Recovery Associates provides nationwide debt collection services on behalf of our clients in multiple vertical market segments. Our debt profiles include: auto finance, bankcard, commercial, healthcare, retail and student loan.
We are fully compliant with all federal laws and state licensing standards. SRA strictly adheres to FDCPA regulations and strives to perform at the highest level of integrity and confidentiality standards.
SRA’s modern recovery techniques and audited industry best practices are enhanced by our state-of-the-art call center. Together, with our strong work ethic and fully transparent process, SRA provides our clients maximum recovery. We have been active for over a decade with continuing growth and a long list of clients who insist on SRA.
About KirkpatrickPrice, LLC
KirkpatrickPrice is a licensed CPA firm, PCI QSA, and a HITRUST CSF Assessor, registered with the PCAOB, providing assurance services to over 600 clients in more than 48 states, Canada, Asia, and Europe. The firm has over 12 years of experience in information security and compliance assurance by performing assessments, audits, and tests that strengthen information security and internal controls. KirkpatrickPrice most commonly provides advice on SOC 1, SOC 2, HIPAA, HITRUST CSF, PCI DSS, ISO 27001, FISMA, and CFPB frameworks. For more information, visit www.kirkpatrickprice.com, follow KirkpatrickPrice on Twitter (@KPAudit), or connect with KirkpatrickPrice on LinkedIn.