Renovo Services Completes Service Organization Control (SOC) 1 Type II Audit

Press Release

 Chicago, IL – September 5, 2012 –  Renovo Services, LLC, the vehicle transition industry’s most fully integrated single-source solution to the financial services industry, announced today that it has successfully completed a SSAE 16 (Service Organization Control (SOC)) 1 Type II audit.  This audit was conducted by McGladrey LLP, (the fifth largest U.S. provider of assurance, tax and consulting services), and examines the effectiveness of internal controls supporting Renovo Services asset recovery and remarketing business. SSAE 16 is the new auditing standard developed in 2011 by the American Institute of Certified Public Accountants (AICPA) to replace SAS 70.

“Our annual completion of this audit and our continued openness to this level of scrutiny demonstrates our commitment to lead by example in our industry”, said Kevin Flynn, CEO.

“This audit helps provide assurance to our valued clients that we have the proper controls in place across our computer operations, security access, and system development and change management for all of our business lines” said Wes Goebel, COO.

“It’s quite a rigorous undertaking that will quickly expose any weakness in process” said John McMahon, CFO.   “We are unique in our industry in completing this audit and providing this added level of confidence for our clients.”

McGladrey’s report includes a detailed description of Renovo Services’ controls and an independent assessment of whether the controls are placed in operation and appropriately designed. To receive a copy of the report, or for any further questions, please contact Anne Lowell, Vice President of Customers at 317.220.4295 or email  alowell@renovoservices.com.

SSAE 16, developed by the American Institute of Certified Public Accountants (AICPA), is the most widely recognized authoritative guidance that provides service organizations a uniform method for disclosing independently assessed information about the design and operation of internal controls related to their services.

 

About Renovo Services, LLC

Renovo Services, LLC, is the vehicle transition industry’s most fully integrated single-source solution to the financial services industry. Offering coverage throughout North America through a network of separately branded business units (Accis Solutions, Allegent Recovery, Skip Pros and ReposDirect.com),  Renovo Services offers comprehensive recovery management, repossession, skip tracing, and online auctions.

For more information on Renovo Services and its business offerings go to www.renovoservices.com.  Visit us on Facebook at facebook.com/renovo.services and on Twitter @renovoservices.

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