“Completing a SSAE 16 SOC 1 Type 2 audit engagement signifies an adherence to critical processes within a service organization — particularly one that operates internationally,” said Joe Maddox, CPA from SAS 70 CPA.
Houston, TX (PRWEB) October 25, 2011
FuelQuest, Inc., the leading on-demand software and services company for the global downstream energy industry, announced today that it has successfully completed a Statement on Standards for Attestation Engagements No. 16 (SSAE 16) Controls at a Service Organization (SOC 1) Type 2 audit certification. SSAE 16 SOC 1 Type 2 certification results from an independent examination on the effectiveness of internal controls supporting FuelQuest’s services and operations. In its second year of certification (initially attained under SAS 70), FuelQuest demonstrates its continued investment in and reliability of processes, systems, and infrastructure supporting customers’ business environments.
“Completing a SSAE 16 SOC 1 Type 2 audit engagement signifies an adherence to critical processes within a service organization — particularly one that operates internationally,” said Joe Maddox, CPA from SAS 70 CPA. “As an independent auditing firm, we attest to the existence of these FuelQuest controls as well as compliance with them. When assessing the controls in place at the organization, external parties can rely on this audit report for the defined audit period.”
SSAE 16 is a standard developed by the American Institute of Certified Public Accountants (AICPA) for service organizations. SSAE 16 extends and replaces the previous SAS 70 standard incorporating international controls based on the ISAE 3402 standard. An SSAE 16 SOC 1 Type 2 certification validates an organization has completed a rigorous independent audit of its control objectives and activities within information technology, corporate, and related service areas. A successful audit completion demonstrates that a service organization has sufficient controls in place to support its customers.
“Completing our SSAE 16 audit certification affirms our commitment to operational, infrastructure, and data privacy best practices,” said Matt Tormollen, president and CEO of FuelQuest. “For customers, SSAE 16 compliance provides confidence that our supply optimization and compliance solutions’ value will be consistently delivered.”
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest's solutions deliver operational and financial value to over 750 customers. These customers include leading global oil companies, international retailers, shippers, and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation, and market volatility for more than 18 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year. Learn more at http://www.fuelquest.com.