""Financial Asset Services, Inc."":http://www.fasinc.com (FAS), a national asset management company with a 30-year history of providing property disposition and valuation services for mortgage companies and financial institutions, announced Friday that it has successfully completed an SAS 70 Type 2 audit.
[IMAGE]The Irvine, California-based company explained that by meeting the SAS 70 audit standards, its clients can be assured that the critical internal control standards as required by the Sarbanes-Oxley Act are being met and that FAS has been independently confirmed to be in compliance.
[COLUMN_BREAK]An SAS 70 audit, developed by the ""American Institute of Certified Public Accountants"":http://www.aicpa.org (AICPA), is used to report on controls placed in operation and the testing of the operating effectiveness of those controls. It's a widely used compliance audit for assessing the internal control framework on service organizations that provide critical outsourcing activities for other entities.
The accounting firm of ""Stonefield Josephson"":http://www.sjaccounting.com, with five offices in California and one in Hong Kong, completed the FAS audit based on their review of the following control objective areas: organization and administration, REO operations, BPO and appraisal and valuation operations, vendor management, and IT controls.
""By passing our SAS 70 audit, we are providing our customers with a third-party validation of our ability to provide secure and reliable operations,"" said Stacy Seminoff, president of FAS. ""Having this certification is important in our existing operation, and especially valuable in our short sale process, where we are handling non-public personal information of distressed homeowners.""