Completion of the SOC 1/SSAE 18 Type I examination indicates that Meridian Title Company’s processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm. The examination included the company’s controls related to:
- Corporate Governance
- Licenses
- Escrow Trust Account Reconciliation
- Settlement Procedures
- Title Policy Production and Delivery
- Reporting and Premium Remittance
- Liability Insurance
- Customer Complaints
- Information Security
- Change Management – Network Infrastructure
- Computer Operations (Incident Monitoring and Problem Management, Data Transmission, Data Backup)
- Vendor Management
SOC 1/SSAE 18 was released by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) as the “Statement on Standard for Attestation Engagements (SSAE) No. 18 Attestation Standards: Clarification and Recodification.” This standard provides clarified attestation standards, but still maintains the goal of providing assurance regarding the controls at a service organization relevant to the user entities’ internal control over financial reporting.