Brady & Kosofsky, PA a Matthews, N.C.-based, full service real estate title, REO, loss mitigation and closing law firm, announced it has obtained a service auditor’s review for the Service Organization Controls (SOC) 2 Type II and the American Land Title Association (ALTA) Best Practices under section 9540 under the American Institute of CPA’s (AICPA) Statutory Codification. The audit and assessment was performed by the CPA firm of KSJG of Irvine, California.
In a statement, Jaime Kosofsky said the firm is thrilled to have satisfied the industry accepted benchmarks established by the ALTA Best Practices, and elected to further demonstrate the company’s commitment to compliance by completing a SOC 2 Audit simultaneously. With both certifications Kosofky said the company feels that its industry partners are fully protected as they are subjected to more and more scrutiny.
SOC 2 compliance reinforces Brady & Kosofsky’s commitment to security, confidentiality, availability, privacy and processing integrity for all of its business customers. Both audits apply to the full range of Brady & Kosofsky’s services provided throughout the spectrum of their practice.
The SOC 2 is based on Trust Services Principles, which according to the AICPA, “helps differentiate entities from their competitors by demonstrating to stakeholders that the entities are attuned to the risks posed by their environment and equipped with the controls that address those risks.” Both reviews are based on internationally accepted best practices.
The ALTA Best Practices certification under section 9540 of the AICPA Statutory Codification stands for the proposition that Brady & Kosofsky’s closing and settlement practices as of June 1, 2015, comply, in all material respects, with the ALTA Best Practices based on the ALTA criteria, including the core pillars of licensing, trust accounting, settlement practices, post closing, security and consumer complaint resolution.
As the implementation of the Dodd-Frank Wall Street Reform Act and the implementation of the TILA/RESPA reform are set to go live in October 2015, many law firms and title and settlement companies, have yet to successfully complete the SOC 2 Type 2 audit, leaving their potential client base in the position of assuming the risk for failing to require its vendors to show a commitment to adhering to the new requirements
Based on the results of our assessment procedures as set forth in the Assessment Procedures and our responses indicated in the “Assessment Recap” column, Kosofsky said the company believed its title insurance and settlement practices as of June 30, 2015, comply, in all material respects, with the ALTA Best Practices based on the ALTA criteria.
"Successfully completing audits for SOC 2 TYPE 2 and ALTA Best Practices demonstrates Brady & Kosofsky’s commitment to delivering a compliant, efficient solution for closing and title services." said Kosofsky, one of the founding partners of the firm. “We’re particularly proud that these certifications address not only the entire stack from data center through the closing table but also across our vendor panels, so our clients can rely on us, knowing their content is secure, and they will receive the same high level of legal service they have grown accustomed to over the years.”