LOMBARD, Ill.--(BUSINESS WIRE)--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 bill processing and resident billing services.
This standard was developed by the American Institute of Certified Public Accountants (AICPA) and replaces the prior SAS 70 standard, which AUM was the first multifamily firm to issue a report for, and was the only company in its industry to do so for the past five 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 sixth consecutive year shows how rigorously we adhere to governance and controls related to our services to our clients,” says Michael Miller, President and CEO of AUM. “We treat our bill payment system as if they were our own bills we were paying. We process over 55,000 utility bills a month for our clients, and controlled execution is of the essence.”
AUM’s examination analyzed the processes in which its 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, confirming that the number of bills received consistently reconciles with the number of bills paid. AUM has an examination performed each year to demonstrate to its customers 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, bill 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.