W Energy Software Successfully Completes SOC 1 Examination
International CPA firm Skoda Minotti completes SOC 1 Type II examination of W Energy Software's oil & gas financial and transaction management software, demonstrating the oil & gas ERP solution provider's continuing commitment to safeguard customer data leveraging the latest standards and best practices.
TULSA, Okla., April 29, 2020 /PRNewswire-PRWeb/ -- W Energy Software, the emerging leader in upstream and midstream oil & gas ERP solutions, today announces the successful completion of a System and Organization Controls (SOC) 1® Type II Audit examination for their Financial and Transaction Management Software System. W Energy Software retained international CPA and business advisory firm, Skoda Minotti, for its SOC 1® audit work. Skoda Minotti was selected after an intensive search based on their reputation as a leading risk advisory and compliance firm.
"The successful completion of our SOC 1 Type II examination audit provides W Energy Software's clients with the assurance that the controls and safeguards we employ to protect and secure their data are in line with industry standards and best practices," said Michael Tetzlaff, Chief Operating Officer at W Energy Software. "Safeguarding customer data is in our DNA, which is why we have partnered with Amazon Web Services to leverage their SOC 1 certified physical and digital controls as well as ensure our staff are fully certified with the latest AWS skills and tools," he said. Tetzlaff added, "W Energy Software customers benefit from a complete circle of protection, from the data center to our hardened application infrastructure monitored 24/7 by a dedicated security team, all certified to the SOC 1 standards."
Ben Osbrach, CISSP, CISA, QSA, CICP, CCSFP partner-in-charge of Skoda Minotti's risk advisory group says, "we were excited to continue our audit relationship with W Energy Software on the completion of their 2019 SOC 1 Type II. Michael and his team strive for improvement in their controls year over year; taking their responsibility for maintaining a well-controlled and secured environment seriously."
SOC 1 engagements are performed in accordance with the American Institute of Certified Public Accountants' SSAE 18, Statement on Standards for Attestation Engagements (SSAE) No. 18, Reporting on Controls at a Service Organization. The SOC 1 Type II examination is performed by an independent auditing firm and is intended to meet the needs of the management of user entities and the user entities' auditors, as they evaluate the effect of the controls at the service organization on the user entities' financial statement assertions. These reports are important components of user entities' evaluation of their internal controls over financial reporting for purposes of complying with laws and regulations such as the Sarbanes-Oxley Act and the user entities' auditors as they plan and perform audits of the user entities' financial statements.
Skoda Minotti's testing of W Energy Software's control environment included examination of their policies and procedures regarding physical security, computer operations and data communications. Upon completion of the examination, W Energy Software received a Service Auditor's Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure controls were suitably designed and operating effectively to achieve the related control objectives throughout the examination period.
About W Energy Software
Headquartered in Tulsa, Oklahoma, W Energy Software (formerly Waterfield Energy) offers the oil & gas industry's only unified ERP solution built for the cloud that is relied on by more than 100 upstream and midstream companies to accelerate business performance, improve operational efficiency, and drive costs down. W Energy Software combines precision-built software in one extendable cloud-based workspace with an intimate understanding of the oil & gas business to deliver solutions that offer flexibility, affordability, and continuous upgrades. Unlike other ERP software that loosely ties together a mix of legacy solutions and fragmented technologies, W Energy Software designed a unified upstream and midstream ERP platform to seamlessly track oil, gas, and NGL from the wellhead through transportation and marketing, eliminating data silos as well as the burden and costs of maintaining multiple systems. With W Energy Software, oil & gas companies stay lean and agile with the tools they need to adapt to market changes and meet evolving customer needs head on, all while gaining the confidence that their business is running on the latest technology. For more information, please visit https://WEnergySoftware.com.
About Skoda Minotti
Skoda Minotti is a Certified Public Accounting Firm based in Cleveland, OH offering a variety of tax, finance, and business advisory services in virtually every area of business. The Risk Advisory practice specializes in SOC Reporting, PCI DSS Compliance, HIPAA Compliance and HITRUST validation, FISMA, NIST, ISO 27001, Vulnerability and Penetration Testing, and other regulatory information security assessments. Staffs in Skoda Minotti's Risk Advisory hold several industry certifications including Certified Information Systems Auditor (CISA), Certified Information Systems Security Professional (CISSP), Qualified Security Assessor (QSA), GIAC Penetration Tester (GPEN), and GIAC Web Application Penetration Tester (GWAPT). For more information about Skoda Minotti's Risk Advisory Services, please visit skodaminotti.com/risk.
SOURCE W Energy Software
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