BB&T's employee benefits consulting firm earns coveted unqualified SSAE 16 Type II audit opinion
- Published on Thursday, 07 June 2012 13:11
- Written by Mike McClain, Web Editor
GREENSBORO, N.C., June 5, 2012 /PRNewswire/ -- Stanley, Hunt, DuPree & Rhine (SHDR), a BB&T Corporation (NYSE: BBT) benefits consulting firm, received an unqualified SSAE 16 Type II examination opinion for 2011 for its Flex Benefits Practice.
"The SSAE 16 Type II attestation is a meticulous approach to examining our processes and validates that SHDR has the safeguards and controls to process client transactions completely and accurately," said Phillip Floyd, president, SHDR. "The exam results reflect our continued commitment to high standards of client service quality."
PricewaterhouseCoopers LLP examines SHDR internal controls for its flexible spending accounts (FSA) and health reimbursement arrangements (HRA) services. The auditor's process involved an examination of SHDR's transaction processing and technology controls to process client transactions.
SSAE 16 is a standard developed by the American Institute of Certified Public Accountants (AICPA) to report on controls at organizations that provide services relevant to internal control for financial reporting.
About Stanley, Hunt, DuPree & Rhine
Stanley, Hunt, DuPree & Rhine is an employee benefits consulting firm and a division of BB&T. SHDR provides a wide range of consulting and administrative services, including actuarial, investment advisory, ESOP administration, nonqualified, HRAs, FSAs (healthcare/dependent care), Health Savings Accounts (HSA), COBRA administration services, and premium billing arrangements.
BB&T Corporation (NYSE: BBT) is one of the largest financial services holding companies in the U.S. with $174.8 billion in assets and market capitalization of $21.9 billion, as of March 31, 2012. Based in Winston-Salem, N.C., the company operates approximately 1,800 financial centers in 12 states and Washington, D.C., and offers a full range of consumer and commercial banking, securities brokerage, asset management, mortgage and insurance products and services. A Fortune 500 company, BB&T is consistently recognized for outstanding client satisfaction by J.D. Power and Associates, the U.S. Small Business Administration, Greenwich Associates and others. More information about BB&T and its full line of products and services is available at www.BBT.com.