Corcentric Successfully Completes Annual Service Organization Control (SOC 1) Examination
McLean, VA, March 6, 2018—Corcentric, a provider of cloud-based financial process automation solutions, today announced that it has successfully completed the Type 2 Service Organization Control (SOC 1) examination from the American Institute of Certified Public Accountants (AICPA). The examination reviewed Corcentric’s COR360™ Software as a Service (SaaS) Accounts Payable (AP) automation offering and independently confirms that the AP solution meets AICPA’s rigorous trust services criteria for application and data management, operational processes, and internal controls.
“Our AP customers rely on the assurance that the security of their data is a critical priority to us,” said Matt Clark, President and COO of Corcentric. “The SOC 1 report provides Corcentric customers with added confidence in our solution by letting them know that it can stand up to independent scrutiny.”
Prepared in accordance with the American Institute of Certified Public Accountants (AICPA), the completion of the SSAE 16 examination indicates that Corcentric application and data management, operational processes, and internal controls have been formally evaluated and tested by an independent auditing firm.
System and Organization Controls (SOC) is a suite of service offerings CPAs may provide in connection with system-level controls of a service organization or entity-level controls of other organizations.
The SOC 1 report is specifically intended to meet the needs of entities that use service organizations (user entities) and the CPAs that audit the user entities’ financial statements (user auditors), in evaluating the effect of the controls at the service organization on the user entities’ financial statements.
Corcentric’s AP solution is designed to be as intuitive as possible, and easily configured to an organization’s specific needs. Corcentric achieves this with specialized technology that works according to an organization’s rules and specifications.
Corcentric is a global provider of business spend management and revenue management software and services for mid-market and Fortune 1000 businesses. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit corcentric.com.