Completion of the SSAE 16 SOC1 Type II examination indicates that selected ServiceChannel processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm. The examination included the company’s controls related to Customer Contracts, Implementations, Support and Incident Management; Transaction Processing, Invoice Creation, and ACH File Processing; Computer Operations, Information Security, Application Change Control, and Data Communications.
SSAE 16 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user entity’s management to obtain assurance about service organization internal controls without conducting additional assessments. In addition, the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SSAE 16 reports even more important to the process of reporting on effective internal controls by public companies.
A SSAE 16 examination is widely recognized, because it represents that a service organization has been through an evaluation of their control activities as they relate to an audit of the financial statements of its customers. A Type II report not only includes the service organization’s system description, but also includes detailed testing of the design and operating effectiveness of the service organization’s controls.
“We’re excited that we have achieved the highest level of SSAE 16 certification as this provides the peace of mind, about our processes and our data, that our clients require in today’s marketplace.” says Serge Lubensky, Chief Technology Officer, at ServiceChannel. “In addition, it confirms that the processes and controls we employ to help our clients save money, are sound and secure.”
ServiceChannel provides facilities managers with a single platform to source, procure, manage and pay for facility maintenance services from commercial contractors. By providing a real time, web-based view of service data across all trades, locations and contractors, facilities managers drive significant ROI for their organizations without outsourcing or investing in new infrastructure. More than 190 national brands use ServiceChannel daily to manage more than 40,000 contractors at over 100,000 locations in over 63 countries.