PYA Provides Services to Title and Settlement Agents as Recommended by AICPA

May 5, 2015

National consulting and certified public accounting firm Pershing Yoakley & Associates (PYA), an ALTA Elite Provider of ALTA’s Best Practices Framework, announced the continued commitment to the lending and title industry. The American Institute of Certified Public Accountants (AICPA) published non-authoritative Technical Questions and Answers (Q&A) guidance on April 23 to address questions that accounting practitioners submitted about ALTA’s Best Practices Framework. This newly issued guidance affirms PYA’s structure and professional relationship with title and settlement agents seeking ALTA certification.

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.

“We are pleased to see the AICPA provide further clarification for our title and settlement company clients,” said Mike Shamblin, PYA’s managing principal of audit and assurance services. “One of our goals has been to help educate mortgage lenders and the title industry about the Best Practices Framework. We believe the issuance of this guidance from the AICPA will assist us in further accomplishing that goal.”

PYA has authored a white paper titled “Tired of Confusing Requirements for Vendor Due Diligence from Lenders? ALTA Has a Solution for Your Organization,” which 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.

Contact ALTA at 202-296-3671 or