Company News

Consociate Earns SOC 1 on Employee Benefits Administrative Services

7/11/2013 (DECATUR, ILLINOIS) – CONSOCIATE, THIRD PARTY ADMINISTRATOR OF EMPLOYEE BENEFITS, today announced that the company has undergone a Type 2 Service Organization Control (SOC) 1 examination resulting in a CPA’s report stating that management of Consociate maintained effective controls over its Third Party Administration of Employee Benefits Services. The engagement was performed by Stone Carlie & Company, LLC.

A SOC 1 report is designed to meet the needs of existing and future customers that need assurance about the effectiveness of controls at a service organization that are relevant to internal controls over financial reporting of the system used to process customers’ transactions.

"We are pleased that our SOC 1 report has shown that we have the appropriate controls in place to mitigate risks related to Third Party Administration services,” said Terry Lovekamp, Chief Operating Officer at Consociate. “At Consociate, obtaining this assessment of internal controls over our key services demonstrates our commitment to quality and exceeding our clients’ requirements and expectations.”

A Type 2 SOC 1 report meets the needs of user entities’ management and auditors as they evaluate the effect of a service organization’s controls on user entities’ financial statement assertions. This report is an important component of user entities’ evaluation of internal controls over financial reporting for purposes of compliance with laws and regulations and for when user entity auditors plan and perform financial statement audits.

For additional information or questions, please contact:
Terry Lovekamp, CPA, CEBS, CMS, GBA
Chief Operating Officer
Consociate
(217) 451-9020

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