PrimeRevenue Successfully Completes
SAS 70 Type II Audit
Report Validates Company’s Internal Controls
ATLANTA, GA, March 1, 2006 — PrimeRevenue,
Inc., an industry-leading provider of Supply Chain Finance
(SCF) solutions, announced it has recently completed a SAS
70 Type II audit of its payment processing services. Included
in the scope of the audit were client setup, transaction processing
and payment processing activities. The detailed controls that
support these functions were examined as a part of the audit.
Following the stringent review, an independent auditing firm
concluded that reasonable internal controls and security procedures
exist, and are executed with proper oversight and review.
The SAS 70 is an internationally recognized auditing standard
developed by the American Institute of Certified Public Accountants
(AICPA). The Type II audit tests a service organization’s
operating controls’ effectiveness, in addition to reporting
on the controls placed in operation.
PrimeRevenue’s SAS 70 audit report assists clients
with Sarbane-Oxley (SOX) compliance. The report addresses
all five components of internal control outlined in the SOX
legislation, namely the control environment, risk assessment
activities, control activities, information and communication
systems, and monitoring activities. The structure of PrimeRevenue’s
report is intuitive and is designed to be incorporated well
with its clients’ SOX compliance programs.
"With the successful completion of this audit, our clients
can continue to be assured that PrimeRevenue’s payment
processing services meet or exceed industry standards,”
said Steve Gaylor, Vice President of Operations, PrimeRevenue.
“As a trusted intermediary, we are committed to maintaining
a high level of processing control and will undergo a Type
II audit on an annual basis.”
About PrimeRevenue, Inc.
PrimeRevenue is a supply chain financial services company
that provides automated Supplier Finance, Payables Presentment
and Financial Settlement services to Global 2000 organizations
and their Suppliers. When PrimeRevenue is part of an organization’s
financial supply chain strategy, costs throughout the supply
chain are reduced, working capital efficiency improved and
Supplier relationships enhanced. Headquartered in Atlanta,
Georgia, PrimeRevenue has offices and customers throughout
the world. For more information on PrimeRevenue, visit www.primerevenue.com.
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