DataTracks announces successful completion of Statement on Standards for Attestation Engagements (SSAE) No. 16 Type II SOC 1 audit. The audit, done by a leading audit firm, assessed DataTracks’ Disclosure Management System (DMS) and measured the effectiveness of controls in the processing of financial reports.
SSAE 16, which superseded the earlier SAS 70 (Statement on Auditing Standards No. 70: Service Organizations), is a widely recognized auditing standard, providing companies with a framework for exhibiting effective internal controls for financial reporting, among others. The standard includes various facets of internal control mechanisms, including their design, operations, maintenance and updates. SSAE 16 standard was developed by AICPA (American Institute of Certified Public Accountants) which oversees the audited organizations’ compliance to guidelines.
A Type II audit report establishes the service organizations’ ability to maintain their control procedures over a considerable period of time. SSAE 16 allows for a written assertion of testing procedure effectiveness by the management as well.
DataTracks DMS was audited on the following areas:
- Suitability of design and operating effectiveness of controls to ensure precise financial reporting
- Risks related to design for effective operation of controls to achieve expected output
- Operating effectiveness of controls that were considered necessary to provide reasonable assurance to ensure application’s data security and integrity
“By successfully completing the SSAE16 audit, our commitment to data integrity and our mission to provide a highly secure data environment for our existing and prospective customers has been reiterated”, said Ramanathan Arunachalam, Chief Technology Officer. “The core aspect of any IT security is to promote a holistic security model that comprises Confidentiality, Integrity & Availability (CIA) and we are just doing that”, he added.