Billfire’s focus on strong internal controls over financial reporting is evident in this report. The successful completion of this audit is a testament to Billfire’s integrity, accountability, and its commitment to its clients
Scottsdale, AZ (PRWEB) August 07, 2012
Billfire offers a comprehensive solution set that is designed to streamline A/R processes, drive better decision-making, facilitate faster payment, reduce costs and improve cash flow for its clients. The company’s focus is on creating easy-to-use tools that deliver quantifiable value for clients and their customers.
“Billfire’s focus on strong internal controls over financial reporting is evident in this report,” says Jim Jimenez, Managing Partner at SSAE 16 Professionals, LLP. “The successful completion of this audit is a testament to Billfire’s integrity, accountability, and its commitment to its clients.”
The audit undergone by Billfire was conducted in accordance with the AICPA SOC reporting standards. The audit was conducted by SSAE 16 Professionals, LLP, a full service accounting firm providing SSAE 16 (SOC 1) audits. SSAE 16 Professionals, LLP evaluated Billfire's design effectiveness of internal controls and processes related to internal controls over financial reporting.
About SSAE 16 (SOC 1) Reports
SSAE 16 reports, also known as SSAE 16 reports, also known as Service Organization Control (SOC) 1 reports, which have effectively replaced SAS 70 reports and are in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization. SOC 1 reports retain the original purpose of SAS 70 by providing a means of reporting on the system of internal control for purposes of complying with internal control over financial reporting. SOC 1 reports are restricted use reports for the following areas:
- Management of the service organization (the company who has the SOC 1 performed)
- User entities of the service organization (service organization’s clients), and
- The user entities’ financial auditors (user auditor). The report can assist the user entities’ financial auditors with laws and regulations such as the Sarbanes-Oxley Act. A SOC 1 enables the user auditor to perform risk assessment procedures, and if a Type II report is performed, to assess the risk of material misstatement of financial statement assertions affected by the service organization’s processing
Billfire delivers innovative A/R management solutions for organizations with large customer bases and high frequency transactions. The company’s comprehensive SaaS-based offerings are designed to give these dynamic companies the tools and business intelligence their A/R and credit management teams need to cost-effectively prioritize and manage accounts, enhance customer relationships and expedite payment. For more information please visit http://www.billfire.com or call 480-513-8025.
About SSAE 16 Professionals, LLP
SSAE 16 Professionals, LLP is one of the nation’s leading firms specializing solely in SSAE 16 (SOC 1) audits and readiness assessments. Each of our professionals has over 10 years of relevant experience at “Big 4” and other large international or regional accounting firms. Each professional is certified as a CPA (Certified Public Accountant), CISA (Certified Information Systems Auditor), CIA (Certified Internal Auditor), CISSP (Certified Information Systems Security Professional), and/or MBA (Master of Business Administration). For more information, please visit http://www.SSAE16Professionals.com.