PrimeRevenue Successfully Completes
SAS 70 Audit
ATLANTA, GA – (March 17, 2005) –
PrimeRevenue, Inc., a leader in financial supply chain solutions
and services, today announced that it has successfully completed
a service auditor’s review, commonly known as a SAS
70 audit, of its payment processing services. The audit was
performed by a nationally recognized independent auditing
firm.
SAS 70 is an acronym for the American Institute of Certified
Public Accountants (AICPA) Statement on Auditing Standard
(SAS) No. 70, titled “Reports on the Processing
of Transactions by Service Organizations”. SAS
No. 70 defines the professional standards used by a service
auditor to assess the internal controls of a service organization
and issue a service auditor’s report. Completion of
a SAS 70 examination signifies that a service organization
has had its internal controls and security procedures examined
by an independent accounting and auditing firm.
Included in the scope of the audit were PrimeRevenue’s
client setup, transaction processing and payment processing
procedures. The general controls that support these activities
were also examined.
The report addressed PrimeRevenue’s significant areas
of internal control that support its payment processing services,
including:
- Control Environment
- Physical Security
- Environmental Protection Controls
- Computer Operations
- Information Security
- Application Development and Maintenance Activities
- Data Communications
- Client Setup Procedures
- Transaction Processing Procedures
- Payment Processing Procedures
The service auditor performed extensive testing of the control
activities implemented by PrimeRevenue to ensure that control
objectives are met, including:
- Whether the description of the controls prepared by PrimeRevenue
presents fairly, in all material respects, the relevant
aspects of the PrimeRevenue’s controls placed in operation
as of February 18, 2005
- Whether the controls were suitably designed to provide
reasonable assurance that the specified control objectives
would be achieved if those controls were complied with satisfactorily
Following this rigorous examination, the auditing firm issued
an unqualified opinion regarding each of the areas described
above.
“We recognize that Sarbanes-Oxley legislation has placed
an increased focus on the internal controls of valued business
partners,” said Steve Gaylor, Vice President of Operations,
PrimeRevenue. “The SAS 70 report addresses all five
components of internal control outlined in the Sarbanes-Oxley
legislation, namely the control environment, risk assessment
activities, control activities, information and communication
systems, and monitoring activities. The successful completion
of the 2005 SAS 70 audit is part of PrimeRevenue’s continued
commitment to maintaining a high level of internal controls
and security procedures,” he added.
About PrimeRevenue, Inc.
PrimeRevenue is a financial supply chain services company
that provides Supplier Financing, Payables Presentment and
Settlement solutions to Global 2000 companies and their suppliers.
Our program delivers immediate, significant and measurable
bottom-line benefits and working capital improvements. When
PrimeRevenue is part of a company’s financial supply
chain strategy, costs are reduced, profitability is improved
and trading relationships are 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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