Audited statement for Reporting on Controls at a Service Organization (SOC 1) addresses Corcentric’s internal control over financial reporting for customers
McLean, Va., Oct. 7, 2015 — Corcentric™, a provider of cloud-based financial process automation solutions, today announced the successful completion of their annual Statement on Standards for Attestation Engagements (SSAE) No 16, Type II, also known as the Reporting on Controls at a Service Organization (SOC 1) examination for its Software as a Service (SaaS) Accounts Payable automation offering, COR360™.
SSAE 16 is an auditing standard issued by the American Institute of Certified Public Accountants (AICPA). Its purpose is to allow customers to obtain assurances about a SaaS provider’s system and the suitability of the design of its controls. SSAE 16 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user entity’s management to obtain assurance about service organization internal controls without conducting additional assessments.
Completion of the SSAE 16 examination indicates that critical Corcentric application and data management, operational processes, procedures, and internal controls have been formally evaluated and tested by an independent auditing firm. This examination is conducted annually and Corcentric continues to participate in the evaluation process.
“We complete an SSAE 16 Type 2 audit annually to provide assurance to our COR360 customers that Corcentric has the controls, processes and procedures in place to maintain the security of their data and to process their information in a responsible and reliable manner,” said Mark Joyce, Executive Vice President and CFO of Corcentric. “Nothing is more important than maintaining the trust and confidence of our customers.”
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, Inc., provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.