McDonnell and Associates, PA announces successful completion of SOC Audit and Alta Best Practice Third Party Assessment
December 7, 2015
COLUMBIA, SC – McDonnell and Associates, PA is a multi-state general practice law firm headquartered in Columbia, South Carolina. For over a decade, the firm has been structured to have an emphasis on real estate law and has successfully aided clients in real estate transactions involving the purchase, sale, and refinance of commercial and residential properties. The firm provides title development and settlement services to include both resale and real estate owned properties, as well as focusing on land acquisition and development, builder services, and lender representation.
McDonnell and Associates, PA recently obtained a service auditor’s review for the Service Organization Controls (SOC) and the American Land Title Association (ALTA) Best Practice under section 9540 in the American Institute of CPA’s (AICPA) Statutory Codification. The firm is gratified to announce its engagement of both audits, simultaneously performed by the CPA firm of CBIZ & Mayer Hoffman McCann P.C. in conjunction with professional consulting provided by BITS Technology Solutions, LLC (www.bitsedge.com), and announce successful completion and certification of SOC 1 and ALTA Best Practice assessments.
The firm’s ALTA Best Practice Certification under section 9540 of the AICPA Statutory Codification authenticates McDonnell and Associates’ scrupulous implementation of the 7 pillars that make up ALTA Best Practices effectively, including the core pillars of Licensing, Trust Accounting, Settlement Practices, Post Closing, Security and Consumer Complaint Resolution. As of obtaining its ALTA Best Practice Certification on September 30th of 2015, McDonnell and Associates is able to offer industry partners confidence that they are fully protected along with the reassurance that they are receiving a compliant real estate settlement experience.
Given current security concerns worldwide, it is imperative for service providers to build trust and confidence with clients by keeping confidentiality and security measures intact. It is with the successful completion of a SOC 1 audit in May of 2015 that McDonnell and Associates reinforces its compliance in delivering comprehensive internal controls over financial reporting to industry partners.
Based on assessment reviews performed by the CPA firm of CBIZ & Mayer Hoffman McCann P.C. and professional consulting provided by BITS Technology Solutions compliance experts, the firm and its associates are confident that all processes in material respects to title development and settlement practices, as of the specified dates above, comply with SOC 1 guidelines and ALTA Best Practice regulations.
