SOURCE: NWP Services Corporation

NWP Services Corporation

December 13, 2011 09:00 ET

NWP Services Corporation Completes Multifamily Industry's First SSAE 16 Type II Report

Report Affirms High Standards for Financial Risk Management

IRVINE, CA--(Marketwire - Dec 13, 2011) - NWP Services Corporation (NWP), a leading provider of smart solutions to lower operating and utility costs for the multifamily housing industry, today announced successful completion of the new US SSAE 16 Type II Report (Statement on Standards for Attestation Engagements No. 16), becoming the first company in the multifamily industry to issue this report.

SSAE 16 is a standard developed by the American Institute of Certified Public Accountants (AICPA) for service organizations. The standard was finalized in January 2010 and extends and replaces the previous SAS 70 standard, incorporating international control standards. A successful SSAE 16, Reporting on Controls at a Service Organization (SOC1), Type II report validates that NWP has completed a rigorous independent audit of its control objectives and activities within product, operations and related service areas. The successful audit demonstrates that NWP has sufficient controls to support its customers.

Property management firms require credible assurances that a hosting services and solutions provider has processes and controls in place to provide a stable and secure network, including safe customer data exchange capabilities. SSAE 16 helps provide the information these customer organizations need. To obtain similar assurance without access to a provider's SSAE 16 report, customers would have to send their own auditors to conduct individual review procedures. NWP's SSAE 16 Type II Report helps customers avoid individual auditing expenditures and provides audit information that assists them in their risk assessment, in the understanding of how data is processed and calculated.

"This audit and control objectives represent another important milestone for our customers. To be the first company to complete the rigorous SSAE 16 audit for the multifamily industry is another example of our continued commitment to industry leadership in every aspect of our business," said Mike Radice, CEO of NWP Services Corporation.

In its fourth year reviewing controls relevant to the customer organizations and reporting on financials (initially attained under SAS 70), NWP demonstrates its continued investment in and reliability of processes, systems and infrastructure supporting customers' business environments. "Completing our SSAE 16 audit affirms our commitment to integrity across our operational, infrastructure and financial best practices," said Jim Charles, senior vice president of NWP's product management and engineering. "For customers, SSAE 16 compliance provides confidence that our products and services solutions value will be consistently delivered."

NWP customers can request a copy of the NWP audit certification by emailing multifamily@nwpsc.com.

About NWP Services Corporation: Headquartered in Irvine, Calif., NWP Services Corporation (NWP) provides smart solutions to lower operating and utility costs for the multifamily industry including resident billing, resident payment, utility management and MRO. Resident billing helps owners recover utility expenses with options including convergent billing with Resident OneBill. NWP's Resident ePay service allows residents to pay rent, utilities and other charges online or in person with funds transferred to the bank electronically. NWP's utility management product, UtilitySmart, helps owners and operators optimize utility spend and MRO Manager lowers operating costs and improves service, increasing in Funds from Operations (FFO), Net Operating Income (NOI), resident satisfaction and the asset value of multifamily properties. Additional information is available at www.nwpsc.com.

Contact Information

  • Contact for NWP Services Corporation:
    Mark Gentile
    949-253-3287
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    Media Contact:
    Megan Hirshey
    512-495-7170
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