LOMBARD, Ill., Jan. 15, 2013 (GLOBE NEWSWIRE) -- American Utility Management (AUM), the leading provider of energy services for the multifamily industry, today announced it has issued a Statement on Standards for Attestation Engagements No. 16 (SSAE 16 SOC 1 Type II) report after an examination of its description of its system, and related control objectives and control procedures by the independent auditing firm, Deloitte & Touche LLP. The report addresses AUM's utility invoice processing and resident invoicing services.
This standard was developed by the American Institute of Certified Public Accountants (AICPA) and replaces the prior SAS 70 standard. AUM was the first multifamily energy management firm to issue a report, and is the only company in its industry to do so for the past seven years. The SSAE 16 SOC 1 Type II report illustrates that AUM has sufficient controls to support the achievement of the stated control objectives related to its processing of transactions on behalf of its customers.
"Our successful completion of an examination for the seventh consecutive year shows how rigorously we adhere to governance and controls related to our services for our clients," says Michael Miller, CEO and Chairman of AUM. "We treat our utility invoice payment system as if the invoices are ours. AUM processes 70,000 client utility invoices each month, and controlled execution is of the essence."
AUM's examination analyzed processes including the way that invoices are collected, the number of people handling each invoice, and checks and balances surrounding its utility invoice payment services. The company also underwent an analysis of its invoice tracking log, confirming that the number of invoices received consistently reconciles with the number paid. AUM performs an examination each year to demonstrate the operating effectiveness of AUM's controls over customer transactions.
About American Utility Management
Founded in 1994, American Utility Management (AUM) provides comprehensive energy services to the multifamily industry. The company prides itself on driving bottom line savings for its clients through its energy management, invoice processing, and resident utility billing services. AUM uses its proprietary technology and data to create custom energy solutions that allow multifamily management to lower their energy usage and save money. The company distinguishes itself through its knowledgeable and experienced professionals who provide all services in-house without outsourcing to other companies. AUM advises management of over 500,000 multifamily units across the U.S. For more information on AUM, please visit www.aum-inc.com or call 800-418-5393.
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