2014 Missouri Reentry Conference
November 19-21


LRM Financial Services Achieves Milestone with SSAE-16

Since 2003, 35 leading area not-for-profit organizations have benefitted from the expertise of ARCHS’ Leveraged Resources Management, Inc., (LRM). LRM provides its clients with a full array of financial and bookkeeping services, enabling all of them to attain a clean "unqualified opinion” on their annual financial audits.

Now, LRM has achieved a new milestone, having recently completed a special audit that verifies its conformity with an important standard known as the Statement on Standards for Attestation Engagements (SSAE) No. 16.

Completing a sought after SSAE No. 16 audit provides reasonable assurance that the financial data and information provided by LRM’s clients will be processed and reported in an accurate and secure manner.

By completing this industry standard audit, LRM’s clients are assured that LRM adheres to key industry best practices for policies, procedures, and operations, including the security of information and data. It is important for financial services providers to comply with SSAE standards due to the sensitive nature of the data that is being managed.

LRM’s SSAE No. 16 report was compiled by the accounting firm of Huber, Ring, Helm & Co., P.C. and covers the period from July 1, 2011 through June 30, 2012. The examination means that an independent service auditor has formally evaluated and issued an opinion on the description of selected LRM systems and the suitability of the design and operating effectiveness of applicable controls.

“Achieving conformity with SSAE No. 16 standards demonstrates LRM’s continued dedication to operational excellence and client satisfaction,” said Terry Blake, President of LRM. “We are proud to be the first full service bookkeeping provider serving not-for-profits in St. Louis to complete this rigorous process. It further validates our important internal controls over financial reporting, security, and confidentiality." ”

SSAE No. 16, set forth by the American Institute of Certified Public Accountants, is the new industry service standard that replaced the Statements on Auditing Standards No. 70 (SAS 70) as of June 2011. SSAE No. 16 outlines the guidance standards for examining and reporting a service provider’s business controls.

Interested parties in the results of LRM’s SSAE No. 16 review include:
  • LRM’s clients: for assurance that LRM has a system of internal controls in place to protect client data
  • LRM’s clients’ auditors: for assurance that there are controls in place to protect their own client’s data
  • LRM:  for assurance to their clients and potential clients of the integrity of LRM’s processes
  • LRM’s auditors: for assurance of a detailed independent audit of LRM’s system of internal controls
LRM provides a complete range of financial management and analysis services ranging from banking and payroll, to paying bills and preparing board reports. LRM is a wholly-owned for-profit subsidiary of ARCHS.

Learn more at www.lrmgmt.com and www.facebook.com/lrmfinancialservices.