NEW YORK, April 6, 2018 /PRNewswire/ --
DataTracks is pleased to report the successful completion of two audits measuring the effectiveness of their controls in processing financial reports. Performed by a leading audit firm, the ISAE (International Standard on Assurance Engagements) 3402 and the SSAE (Statement on Standards for Attestation Engagements) Type II audits provide companies with a framework for exhibiting effective internal controls for financial reporting, among other things. The standards examine various facets of internal control mechanisms, including their design, operations, maintenance, and updates.
A Type II audit report establishes the service organization's ability to maintain their control procedures over a considerable period of time.
While the SSAE 18 audit report - issued by the AICPA (American Institute of Certified Public Accountants) - is accepted in the US, most other countries rely on the ISAE 3402 report, issued but the IAASB (International Auditing and Assurance Standards Board).
SSAE 18 was designed to encompass SSAE 10, 11, 12, 13, 14, 16 & 17 standards for two reasons.
- To consolidate multiple standards
- To reduce concerns over the complexity and length of AICPA standards
The controls implemented at DataTracks were audited for:
- The suitability of their design and operating effectiveness in ensuring precise financial reporting
- Risks related to their effective operation, by way of design, to achieve expected output
- Their ability to provide reasonable assurance regarding data security and integrity
Apart from the ones identified in the previous year, controls on "Outsourced Services" and "Risk Assessment" were added for this year's audit, and the auditors were extremely appreciative of their implementation at DataTracks.
"By meeting the ISAE 3402 and SSAE 18 requirements along with ISO 27001:2013, DataTracks guarantees robust security for the data processed in our delivery centers," says Aji M R, Chief Technology Officer at DataTracks. "We will continue our commitment to data integrity, because we take the security of customer data very seriously, and implement the safest controls to protect it," he reaffirms.
DataTracks is a global leader in disclosure management and regulatory compliance software and services. They are the preferred vendor for leading accounting firms and thousands of corporations across global markets. DataTracks enables customers across geographies to file reports compliant with the standards of regulators like the SEC (the US), HMRC (the UK), Revenue (Ireland), various EU regulatory authorities, ACRA (Singapore), MCA (India), and CIPC (South Africa). To know why financial accounting firms and enterprises world-over trust DataTracks, please visit https://www.datatracks.com, https://www.datatracks.co.uk, and https://www.datatracks.eu.
SOURCE DataTracks Global Private Limited