Chicago, Ill. – F&I Administration Solutions LLC (F&I Admin), North America’s leading provider of software solutions for the administration of automotive F&I products, announced the successful completion of its first SSAE 16 (SOC 1) audit. F&I Admin develops and supports the SCS Auto product suite, which enables F&I product providers to manage all F&I products including vehicle service contracts, GAP, prepaid maintenance, appearance protection, etch, key replacement, theft, limited warranties and more in a single system throughout the entire product lifecycle.
“With so many customers using and considering using SCS Auto, we wanted to show that our commitment to excellence extended to not only the product capabilities and partnerships, but also to the underlying processes and controls required to manage the code and customer data,” said David Trinder, CEO, F&I Admin. “This reinforces our repeated message to our customers – that F&I Admin is as forward-looking as they are, not only by leading with product features and integration capabilities, but in the standards and controls necessary to ensure sustained growth with minimal risk.”
“F&I Admin’s focus on strong internal controls is evident in this report,” said Jim Jimenez, managing partner, SSAE 16 Professionals LLP. “The successful completion of this audit is a testament to F&I Admin’s integrity, accountability and its commitment to its clients.”
“Completing a successful SSAE 16 audit not only required a clear understanding of the controls that are necessary, but required us to prove that they are in place and that we are following them diligently,” added Kumar Kathinokkula, COO, F&I Admin. “Interestingly, our existing processes and controls did not have to change at all, which is a testament to the fact that we have always believed in managing our business the right way.”
The audit undergone by F&I Admin was conducted in accordance with the AICPA SOC reporting standards. It was conducted by SSAE 16 Professionals, a full service accounting firm providing SSAE 16 (SOC 1) audits, SOC 2 audits, and other IT compliance audits.
