MINNEAPOLIS--()--Businesses often must follow strict accounting practices to safeguard their customers and maintain compliance with industry regulations, even when a third party provides essential services. To answer this need for network partners and participants, Syncada successfully completed the requirements of the Statements on Standards for Attestation Engagements No. 16 (SSAE 16), as established by the American Institute of Certified Public Accountants. This marks the ninth successful completion of an external audit on the technology platform that supports the Syncada network, the first seven being Statement on Auditing Standards No. 70 (SAS 70) Type II certifications.
“Assurance Reports on Controls at a Service Organization.”
Many organizations use outside service providers to manage processes that affect the organization’s financial reporting, yet the organization is legally responsible throughout. For example, in the United States, section 404 of the Sarbanes-Oxley Act (SOX) requires an annual assessment of internal controls to ensure financial reporting accuracy. Therefore, the organization must either conduct an evaluation or obtain a successful report from the service provider.
The SSAE 16 is substantially equivalent to International Standard on Assurance Engagements 3402 (ISAE 3402), “Assurance Reports on Controls at a Service Organization.” Independent auditors conducted comprehensive tests and reviews of multiple systems at Syncada. By maintaining this certification, Syncada continues to meet the needs of its partner banks and their customers located around the world.
“Our partners require secure, stable systems and process controls to protect their data and their businesses,” states Kurt Schneiber, Chief Executive Officer at Syncada. “We attain this attestation as part of our commitment to operational excellence, ensuring our customers can meet global standards for financial reporting and comply with their local regulations.”
For more information about Syncada, visit http://www.syncada.com.
Syncada from Visa provides a business-to-business network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency. Financial institutions use Syncada to deliver standardized invoice processing and payment with integrated financing to their corporate and government clients. Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of suppliers in 47 countries. In 2011, Syncada processed more than US$21 billion in payments and millions of invoices and trade documents. Visit www.syncada.com for more information.