PrimeRevenue Successfully Completes
SAS 70 Audit
ATLANTA, GA – (November 1, 2006) –
PrimeRevenue, Inc., the leading provider of Supply
Chain Finance (SCF) solutions, today announced that it has
successfully completed a service auditor’s review of
its payment processing services. Commonly known as a SAS 70
audit, the audit was performed by a nationally recognized
independent auditing firm.
The American Institute of Certified Public Accountants (AICPA)
Statement on Auditing Standard (SAS) No. 70 defines the 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 Type II examination signifies
that a service organization has had its internal controls
and security procedures examined and tested 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 December 2003.
- 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.
“The re-certification of our SAS 70 Type II audit completion
is an important validation of the processes, procedures and
controls in place within our technology environment,”
said Bill MacPhail, CIO, PrimeRevenue. “It reflects
PrimeRevenue’s commitment to maintain the highest level
of internal controls and security procedures for customers.”
he added.
About PrimeRevenue, Inc.
PrimeRevenue's leading global Supply Chain Finance (SCF) platform
and solutions enable dramatic new working capital efficiencies
for the benefit of buyers and their suppliers. PrimeRevenue
achieves this through the delivery of secure, robust, industry-leading
technology, a global community of the world’s most innovative
financial institutions and partners, and flexible working
capital solutions and advice. Companies are relying on SCF
deployments powered by PrimeRevenue to increase profitability,
remove risk from their supply chain, and forge stronger trading
partner relationships. Headquartered in Atlanta, Georgia,
PrimeRevenue has offices and customers throughout the world.
For more information visit www.primerevenue.com.
###
|
