Cology Completes SSAE16 2014 AuditJanuary 15, 2015
Cology Receives SSAE16 (SOC 1 Type II) Audit with Zero Exceptions
January 15, 2015
Cology reaffirms its commitment to the highest standards of security and controls for their lender clients
Mather, CA (January 15, 2015) Cology, LLC announced today that it has completed its annual Statement on Standards for Attestation Engagements No.16 (SSAE 16) Type II audit and has illustrated to external auditors that comprehensive internal controls continue to be in place and the controls work as designed. The Type II report includes all the examination and confirmation steps involved in a Type I examination plus an evaluation of the effectiveness of the controls. This level of examination provides a significant level of assurance, transparency, and confidence in the control systems.
The SSAE 16 audit replaced SAS 70 as the standard by which service organizations demonstrate the establishment of effectively designed control objectives and activities. The American Institute of Certified Public Accountants developed the SSAE 16 in order to enable an organization to report on significant subject matter other than financial statements.
Cology provides end-to-end loan processing services and essential infrastructure which allows credit unions, community banks, and other lenders to offer cost effective private student loan programs. For information on how to become a lending resource for students or to learn more about the company visit: www.cology.com. Cology is a subsidiary of the First Marblehead Corporation, a leading provider of private student loan solutions for lenders, credit unions, and schools.