Vital Solutions Successfully Completes 2013 SSAE 16 Examination

Vital Solutions, Inc. today announced an impressive servicing milestone: for the third year in a row it has successfully completed a Statement on Standards for Attestation Engagements (SSAE) No. 16 Service Organization Control (SOC) 1 Type 2 Report performed by Smith & Howard, P.C. This accomplishment makes Vital Solutions one of a small number of account receivables management companies that have completed this examination engagement.

The SSAE 16 effectively replaced SAS 70 reporting as of June 15, 2011 as the authoritative guidance for reporting on the design and operating effectiveness of a service organization’s controls. This guidance change now requires the service organization’s management to provide an assertion on the design and effectiveness of its key internal controls of specific service objectives (similar to the assertion provided in audit engagements under Sarbanes-Oxley).

Smith & Howard, P.C., an independent certified public accounting and advisory services firm, issued an independent auditor’s opinion, indicating that Vital Solutions, Inc.’s description of the accounts receivable management system was fairly presented; the controls related to the control objectives were suitably designed and operated effectively for the period of January 1, 2013 through December 31, 2013. Vital Solutions’ CFO, Eric Pittman, lead the effort internally.

“Our success is squarely based on the solid execution of our outstanding business model, which includes investing in state-of-the-art technologies, embracing regulatory compliance and executing operationally for our clients,” said Chris Shuler, President & CEO of Vital Solutions. “As we look ahead to our twelfth year of operations, we envision even more success, given our unique ability to design creative servicing solutions for our credit grantor and debt buyer partners.”

Established in 2002, Vital Solutions focuses primarily on account receivables management in the auto finance, credit card, mortgage and utility industries. It operates two subsidiaries — Vital Recovery Services, Inc., which handles third-party collections, and Vital Outsourcing Services, Inc., which performs BPO services, including: first-party collections, customer service and vendor management. Vital Solutions also offers its clients lettering and statement services via a licensing agreement with a multi-purpose, fully integrated print and mail shop.