HOUSTON--(BUSINESS WIRE)--Data Gumbo, the industrial smart contract network company, today announced successful completion of the SOC 1 Type 2 audit examination of its blockchain. The SOC 1 report focuses on a service organization’s controls likely to be relevant to an audit of a customer’s financial statements. Data Gumbo retained Grant Thornton, one of the world’s leading organizations of independent audit, tax, and advisory firms, to perform its SOC 1 Type 1 work in 2019 and returned to the company for the execution of its SOC 1 Type 2 audit.
“Data Gumbo aims to deliver exceptional benefits to its network users,” said Andrew Bruce, Founder and CEO, Data Gumbo. “Completing a SOC 1 Type 2 audit provides third-party attestation that our product management, data security and user management are enterprise-grade. As we continue to grow and scale, we believe in the strict adherence with compliance and quality assurance in lockstep with today’s best practices for enterprises.”
Grant Thornton’s controls were designed to test Data Gumbo’s assertion of process compliance for its blockchain-backed smart contract network. The six-month audit period included the examination of five integrated components of internal control for GumboNet™, including control environment, risk assessment process, monitoring activities, information and communications, and control activities. Data Gumbo received an unqualified opinion from Grant Thornton that all tests of controls were passed with no exceptions noted, enabling the company to meet the SOC 1 Type 2 criteria.
Grant Thornton’s SOC engagement was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants (AICPA). Those standards require that an independent audit firm performs the examination to obtain reasonable assurance about whether, in all material respects, based on the criteria in management’s assertion, that the controls were suitably designed to provide assurance that Data Gumbo’s network is administered in accordance with Data Gumbo’s policies and procedures.
Data Gumbo is currently underway with its SOC 2 Type 2 audit report and anticipates completion in Q4 2022.
About Data Gumbo
Data Gumbo is the smart contract network company trusted by global industrial enterprises. The only network of enterprises and their customers, suppliers and vendors that successfully incorporates real-time sensor level and field data to validate transactions, GumboNet™ reduces costs by more than 10% for all network members by automatically eliminating payment delays, disputes and complicated reconciliations.
To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco; Equinor Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator; and L37, a hybrid venture capital and private equity company. Data Gumbo is headquartered in Houston, Texas, with global offices in Stavanger, Norway, and London, UK. For more information, visit www.datagumbo.com or follow the company on LinkedIn, Twitter and Facebook.