OAK BROOK, Ill.--(BUSINESS WIRE)--American Utility Management (AUM), a leading provider of cost-cutting energy and utility management services for the multifamily industry, today announced it has earned SAS 70 Type II certification after an audit of internal controls by the independent auditing firm Deloitte LLP. The certification verifies that the Company’s control objectives and activities surrounding utility bill payment meet the standards for internal control over financial reporting developed by the American Institute of Certified Public Accountants (AICPA). AUM was the only utility management services provider to achieve SAS 70 Type II in 2005, and is the only company in its industry to earn the certification for five consecutive years.
“Our voluntary completion of the SAS 70 audit speaks to how seriously we take the quality of services we provide our clients,” says Michael Miller, President and CEO of AUM. “Receiving SAS 70 five years running proves clients are right to trust us to handle their money and pay their bills accurately and on time. AUM is an extension of our clients’ accounts payable departments. Our checks and balances ensure each bill is handled with the same standard of care that any internal financial professional would hold themselves. We process over 52,000 utility bills a month for our clients, and perfection in execution and control is of the utmost importance.”
This track record backs up AUM’s solid reputation as the premier provider of energy services and utility management in the multifamily industry. SAS 70 was developed by the AICPA for service providers who want to prove a high level of control effectiveness. It is one of the most widely recognized auditing standards for service companies, allowing them to disclose their control activities and processes to clients and clients’ auditors in a uniform reporting format.
The SAS 70 audit requires intensive documentation of the company’s processes and a physical audit by a third-party organization. For AUM, such processes include the way in which bills are collected, the number of people who handle each bill, and the checks and balances surrounding the bill payment process. The company also underwent an analysis of its bill tracking log, ensuring that the number of bills received consistently reconciles with the number of bills paid. A completely new audit must be performed each year for the SAS 70 certification to be issued.
Visit the AICPA website for more information about the SAS 70 Type II certification.
Founded in 1994, American Utility Management (AUM) provides comprehensive utility management and energy services for the multifamily industry, utilizing proprietary technology and innovation to drive cost savings. Through utility billing, bill processing, and energy management, the company partners with its multifamily clients to find lost revenue, identify areas to reduce costs, and manage energy and utility expenses.
Using its proprietary Oracle MITS-compliant technology, AUM works closely with property owners and apartment managers to engineer intelligent energy programs that increase cash flow and drive bottom line results. AUM’s full range of services include bill payment, management reporting, system/data integration, vacant cost recovery, sub-metering, and energy management solutions, such as cost-consumption variance analysis, benchmarking, and energy sustainability compliance.