The American Institute of Certified Public Accountants (AICPA) published non-authoritative Technical Questions and Answers (Q&A) guidance on April 23, 2015, to address questions that accounting practitioners submitted about ALTA’s Best Practices Framework. This newly issued guidance aligns with the services PYA offers title and settlement agents seeking ALTA Certification.
As part of ongoing educational efforts, PYA has made available a new white paper on the topic of ALTA Best Practices for title professionals. “Tired of Confusing Requirements for Vendor Due Diligence from Lenders? ALTA Has a Solution for Your Organization” explores ALTA Best Practices Certification from the title industry’s perspective, detailing the ascension of ALTA’s Best Practices Framework and how it has transformed the regulatory landscape for title insurance companies.
ALTA created the Best Practices Framework to assist mortgage lenders in developing vendor risk management programs specific to title and settlement agencies. AICPA’s Technical Q&A answers questions about how accounting practitioners should provide services to title and settlement companies seeking objective, third-party assessments of their agencies’ compliance with Best Practices. AICPA’s response outlines four types of engagements that can be performed by accounting practitioners: a review, an examination, agreed-upon procedures, or a consulting engagement. PYA’s services to title and settlement agents encompass all four of these engagement types.
PYA’s experienced title industry and accounting professionals offer policy and procedure development, pre-assessment services, and independent certification assessments. PYA also serves the banking industry with regulatory compliance and internal audit services. PYA’s experience with mortgage lenders and the title and settlement industry provides a unique perspective on how both industries approach vendor risk management.