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NBS Successfully Completes Its 2017 SOC 1 and SOC 2 Audits

NBS Successfully Completes Its 2017 SOC 1 and SOC 2 Audits

National Benefit Services, LLC (NBS) is pleased to announce the successful completion of its SOC 1 and SOC 2 examinations by its service auditor, in accordance with the attestation standards of the American Institute of Certified Public Accountants (AICPA). These rigorous examinations demonstrate effectiveness in administering retirement and flexible benefit plans. The independent certified public accounting (CPA) firm, Tanner, LLC, performed the examination and issued the corresponding reports.

Service Organization Controls (SOC) reports are developed for third-party service providers and issued by CPAs. The reports provide information on a service organization’s internal controls, policies, and procedures which could impact their client’s financial and other sensitive data.
Clients of a third-party service provider (called user entities) may need a SOC report to comply with regulatory requirements. These reports allow user entities to obtain an objective evaluation of the effectiveness of controls that address the compliance, operations, and financial reporting of a service organization.

For 2017, NBS has issued the following SOC reports:

  •     SOC 1 Type 2
  •     SOC 2 Type 1

Click here for more information about the different kinds of SOC reports.

NBS’s Commitment to Quality
Our efforts in completing these examinations 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. Our SOC 1 Type 2 audit not only verifies NBS has internal controls, but also examines the effectiveness of the policies and procedures in practice relating to our retirement and cafeteria benefit plan administration and transaction processing.  The SOC 2 Type 1 audit provides assurances regarding NBS’s controls relating to security and system availability.

Benefits of the NBS SOC Reports to Our Clients

  • Our clients receive peace 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 SOC 1 or SOC 2 audit report, please contact either your NBS Relationship Manager or submit a request here.

 

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