Retiree drug plan administrator passes cybersecurity test

LIVONIA — Part D Advisors, the Livonia-based retiree drug subsidy administrator, announced that it had successfully completed its Service and Organization Controls (SOC) 1 Type 2 audit.

The audit, conducted in accordance with American Institute of Certified Public Accountants standards, was conducted by CyberGuard Compliance LLP, an Orange, Calif.-based accounting firm providing SOC audits and other IT compliance services.

Part D Advisors was founded in early 2005, shortly after the launch of the Medicare Part D senior citizen drug plan.

“Part D Advisors has established a strong commitment to their business through the implementation of a robust set of internal controls ensuring the security and continuity of critical customer operations,” said Jim Jimenez, managing partner at CyberGuard Compliance. “The successful completion of this audit is a clear illustration of Part D’s integrity and strong sense of responsibility to their clients.

SOC 1 reports primarily focus on business process and IT general computer controls, which may impact internal control over financial reporting. SOC 1 reports are restricted use reports, which mean use of the reports is restricted to:
* Management of the service organization (the company who has the SOC 1 audit performed),
* User entities of the service organization (service organization’s clients), and
* The user entities’ financial auditors (user auditor).

A Type 2 report covers a specific, established period of time and is a report on management’s description of a service organization’s system as well as the suitability of the design and operating effectiveness of controls.

Since its founding, Part D Advisors has processed more than 1,800 RDS applications for more than 300 plan sponsors who have collected over $1.3 billion in retiree drug subsidies. PDA handles every aspect of both ongoing and reopening retiree drug subsidy processes to help plan sponsors meet all requirements and maximize their subsidy potential with proprietary tools aimed at reducing client effort. For more information, visit www.partdadvisors.com.

More about CyberGuard Compliance at www.cgcompliance.com.

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