Penncro Associates Completes SSAE 16 Type II Examination, Reporting on Controls at a Service Organization

Penncro Associates, Inc., a financial services company, today announced it successfully completed its examination in conformity with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization for the period October 31, 2011, through October 31, 2012 performed by an independent auditing firm.

Completion of the SSAE 16 Type II examination indicates that selected Penncro Associates processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm. The examination included the company’s controls related to: Mail Receipts, Consumer Payments and Information, Bankruptcy and Dispute Notification, Client Data, Licensing and Regulations, Physical and Information Security, Computer Operations, Change Management, Data Backup, and Environmental Security.

SSAE 16 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user entity’s management to obtain assurance about service organizations internal controls without conducting additional assessments. In addition, the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SSAE 16 reports even more important to the process of reporting on effective internal controls by public companies.

A SSAE 16 examination is widely recognized because it represents that a service organization has been through an evaluation of their control activities as they relate to an audit of the financial statements of its customers. A Type II report includes the service organization’s system description and detailed testing of the design and operating effectiveness of the service organization’s controls.

“Penncro strives to provide best in class service to our clients through the institution of sound business processes, procedures and controls,” said Jennifer Ditnes, Vice

President of Administration. “We want to thank our diligent compliance team which comprises of staff at each of our locations for participating in another successful audit.”

In 2012, Penncro celebrated its 30th Year in Business and was recognized by the Texas Workforce Commission as the Employer of the Year for Brazos County, Texas.

Penncro is independently owned and one of the largest certified Women’s Business Enterprises in the debt collection industry with established clientele emanating from every facet of the credit granting community. Its account base includes the following markets: Credit card accounts, secured/unsecured consumer loans, mortgage lenders, debt purchasers, utilities and telecommunications. Penncro corporate headquarters is located in Southampton, Pennsylvania. Penncro also maintains call centers in McAllen, Texas and Bryan, Texas.