Millennium Capital and Recovery Corporation®, a leading nationwide provider of repossession management services, is pleased to announce that it has successfully completed an audit of its internal controls under AT Section 101 Service Organization Control 2, Type II (SOC 2) trust service criteria. In June of 2011, the AT101 and SSAE 16 regulations replaced and expanded upon what was previously the SAS 70.
The audit report was achieved without any issues and in accordance with the American Institute of Certified Public Accountants (AICPA) requirements on trust service principles applicable to Millennium. It represents the gold standard by which major service organizations are judged in regard to their policies and procedures as it relates to the critical functions on which its customers rely.
“In light of the complex and changing government regulations as it relates to publicly traded companies and financial institutions, our executive team embarked on a strategic program for 2012 to attain for our company, and on behalf of our market-leading clients, this independent certification under the AICPA standards,” said Millennium President and CEO Robert Bronchetti.
“This achievement provides our customers and their executive management with the highest level of assurance in meeting their fiduciary responsibilities in the outsourcing of their recovery management and skip tracing business activities to our company. The SOC 2, a first for our industry, positions Millennium as a clear leader in the nationwide repossession management industry in such areas as security, availability and confidentiality controls. Completing this audit demonstrates that Millennium’s processes and controls are effective and consistent. We believe this provides a significant benefit for our current and prospective clients,” explains Bronchetti.
This independent service auditors’ report was conducted by Barnes Wendling CPAs Inc., a long standing member of CPA Associates International, serving businesses since 1946.
About Millennium Capital and Recovery Corporation®
Millennium Capital and Recovery Corporation was founded in 1999 and is a leader in the recovery management industry serving consumer lenders on a national basis. The company provides a full-range of recovery services that include nationwide recovery management, skip tracing, impound negotiation, transportation, and industry-leading proprietary ComplianceFIRST SolutionsTM program. Millennium is a certified Women’s Business Enterprise (WBE) and has achieved the Service Organization Controls (SOC 2) Type 2 Internal Audit certification for five consecutive years. Headquartered in Hudson, Ohio, a suburb of Cleveland, Millennium is a privately-held company. For more information, visit NationwideRecoveryManagers.com or call 877.500.6272.