The $10 Million Question: “How long does it take to complete an SSAE 16 Type II Audit Report?”

For those of you in the Title and Escrow Industry, you already know the implementation date to comply with ALTA’s Best Practices has changed. Many who were focusing on being ready by August 1, 2015, might be breathing a sigh of relief knowing the new implementation date has been pushed back to October 3, 2015; giving those of you who are behind a little extra time. Whew!

"Ok, now it’s time to get to work! If you’re like many of our clients, you’re probably asking the question “How long does it typically take to complete an SSAE 16 Type II audit"

The answer is, it depends! While we have created a series of proprietary internal processes and have gained invaluable insight from working with thousands of different clients in a wide variety industries, it’s important to remember that how-fast or how-slowly an audit goes has far more to do with the resources, familiarity with the process, and sense of urgency assigned by your company to complete the audit.

The truth is, in most cases, it’s you, the client who ultimately controls the “how-quickly-the-process-goes” throttle. It’s ironic that sometimes large-scale audits (the ones you would assume would take forever to complete) often go the fastest. And to the contrary, sometimes the small audits tend to linger on for what seems to be forever.

Take advantage of the knowledge and experience we’ve gained over the years. Here are a few things you can do to expedite the audit process.

Create a compliance friendly culture - Compliance isn’t going away anytime soon. Rather than fight it, try embracing it. By establishing proper training for employees, implementing efficient systems, and leading-by-example, management can create an environment that is built on compliance. This embraces the notion that being compliant ultimately creates operational efficiencies that makes jobs easier for employees to perform and provides the added security that clients and investors love.

Establish Controls On The Front End - Make sure that controls are 100% agreed upon by all parties up front. Also ensure that the controls are operating properly and all parties know what to expect and have accurately documented the way the controls are supposed to operate.  By establishing all controls at the beginning and involving all impacted parties, you will save time, create efficiencies, and ultimately receive your audit report much sooner.

Start with a Readiness Assessment- If you’re new to the audit process, consider starting with a Readiness Assessment before conducting your first SSAE 16 Type II audit. Many clients have questions regarding the scoping of the report, documentation requirements, and how much time and company resources it will take to complete the audit. Having a Readiness Assessment performed prior to the audit will add value and efficiency to the entire process. 

Contact [email protected] or call 1 866.480.9485 x225 to discuss a realistic timeline for completing your next SSAE 16 Audit.