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NBS Successfully Completes its 2016 SSAE 16 (SOC 1) Type 2 Audit

National Benefit Services, LLC is pleased to announce the successful completion of our annual examination by our service auditor, in accordance with the Statement on Standards for Attestation Engagements No. 16 (SSAE 16). The examination demonstrates our effectiveness in administering retirement and flexible benefit plans. The independent certified public accounting (CPA) firm, Tanner, LLC, performed the examination and issued the corresponding SSAE 16 report, also known as a Service Organization Control (SOC) 1 report.

SSAE 16 is a standard created by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA). The SSAE 16 standard supersedes former guidance contained in the Statement on Auditing Standard No. 70 (SAS 70) and defines the professional standards used by a service auditor to examine and report on relevant internal controls of a service organization.  Our SOC 1 report addresses relevant aspects of our internal control environment, including controls over our retirement and cafeteria benefit plan administration and transaction processing.

NBS’s Commitment to Quality

Our efforts in completing this examination and audit process demonstrate our ongoing commitment to our clients to serve as a dependable, transparent, secure Third Party Administrator (TPA), focused on minimizing risk (through effective controls), increasing value, and maintaining service standards. The SSAE 16 Type 2 audit not only verifies that a company has internal controls, but also examines the effectiveness of the policies and procedures in practice.

NBS’s focus on ‘Integrity of our Systems’ recognizes the increasing attention on the internal controls of business partners to whom services are outsourced. Our decision to undergo an annual SSAE 16 examination is based on a desire to provide our clients with a high level of assurance regarding the operations that all employees at our firm maintain.

Benefits of the NBS SOC 1 Report to Our Clients

  • Our clients receive piece of mind knowing an independent auditor has assessed our controls and verified they were placed into operation, suitably designed, and operating effectively
  • The SOC 1 report assists our clients’ auditors in planning their independent plan audits
  • The SOC 1 report generally results in lower costs for clients whose plan requires an independent audit

Our clients have confidence in their decision to partner with NBS knowing we are committed to quality and to strong internal controls.  For a copy of the full SSAE 16 audit report, please contact either your NBS Relationship Manager or submit a request here.

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