Transact24 LLC Receives SOC 1 Type I Attestation
by Sarah Harvey / March 10th, 2017
Independent Audit Verifies Transact24’s Internal Controls and Processes
Hong Kong – 28 February 2017 – Transact24 Limited, (“T24”), today announced that it has
completed the SSAE 16 (SOC 1) Type I Audit, for its USA subsidiary, Transact24 LLC (“T24LLC”).
This attestation verifies that T24LLC has the proper internal controls and processes in place to
deliver high quality services to its clients.
KirkpatrickPrice, a licensed CPA and PCI QSA firm, performed the audit and appropriate testing
of T24LLC’s controls that may affect its clients’ financial statements. In accordance with SSAE 16
(Statements on Standards for Attestation Engagements), the SOC 1 Type I audit report includes
T24LLC’s description of controls as well as the detailed testing of its controls at a specific point
in time.
“Transact24 is committed to providing efficient payment solutions and is currently pursuing
various key projects and strategies internationally. Completing the SSAE 16 (SOC 1) Type I Audit
for T24LLC, is part of the necessary regulatory framework required to pursue the product and
geographic opportunities identified by T24,” said Philip Meyer, Managing Director of Transact24
Limited.
“Many of T24LLC’s clients rely on them to protect consumer information,” said Joseph
Kirkpatrick, Managing Partner with KirkpatrickPrice. “As a result, T24LLC has implemented
best practice controls demanded by their customers to address information security and
compliance risks. Our third-party opinion validates these controls and the tests we perform
provide assurance regarding the managed solutions provided by T24LLC.”
SOC 1 Type I is a reporting on the controls at a service organization that was established by the
American Institute of Certified Public Accountants (AICPA). This report is in compliance with
the SSAE 16 auditing standards which focus on the controls of a service organization that are
relevant to an audit of a user entity’s financial statements. The standard demonstrates that an
organization has adequate controls and processes in place. Federal regulations such as
Sarbanes-Oxley, Gramm-Leach-Bliley and the Health Insurance Portability and Accountability
Act (HIPAA) require corporations to audit the internal controls of their suppliers, including
those that provide technology services.
About T24 (www.transact24.com)
T24 is a Hong Kong-based Payment Services Company, established in 2006, with offices and/or
satellite entities in Australia, Singapore, China, Mauritius, South Africa, Austria, Gibraltar, the
USA and the UK.
T24 is licensed in the following territories: T24 (Mauritius) Ltd. has a Payment Intermediary
Services Licences from the Financial Services Commission Mauritius and T24 (UK) Ltd. has an
Authorized Electronic Money Institution (“AEMI”) licenses from the Financial Conduct Authority
of the United Kingdom.
T24’s payment services products include Chinese Debit Card and Credit Card Acquiring; ACH
processing; and Prepaid Card Program Management. T24 owns the IP for all its processing
technologies and all its systems are PCI DSS Level 1 compliant.
T24 is part of the Net1 Group of companies. Net1 (www.Net1.com) has a primary listing on the
NASDAQ and a secondary listing on the Johannesburg Stock Exchange.
About KirkpatrickPrice (www.kirkpatrickprice.com)
KirkpatrickPrice is a licensed CPA firm providing assurance services to over 550 clients in more
than 48 states, Canada, Asia, and Europe. The firm has over 10 years of experience in
information security and compliance assurance by performing assessments, audits, and tests
that strengthen information security and internal controls. KirkpatrickPrice most commonly
provides advice on SSAE 16, SOC 2, HIPAA, PCI DSS, ISO 27001, FISMA, and CFPB frameworks.
