Independent Audit Verifies i-payout’s Internal Controls and Processes
Fort Lauderdale, FL – April 26, 2017 – i-payout, a leading financial software company that facilitates global payouts via its highly adaptable platform, announced today that it has completed its SSAE 16 (SOC 1) Type II Audit. This attestation verifies that i-payout has the proper internal controls and processes in place to fully comply with governmental regulations and protocols in the service of its clients’ needs.
KirkpatrickPrice, a licensed CPA and PCI QSA firm, performed the audit and appropriate testing of i-payout’s controls. In accordance with SSAE 16 (Statements on Standards for Attestation Engagements), the SOC 1 Type II audit report includes i-payout’s description of controls as well as the detailed testing of its controls over a minimum six-month period.
“We place intense focus on data security, information privacy and compliance with regulatory protocols. In fact, the steps we take exceed industry standards.” noted Eddie Gonzalez, President and C.E.O. at i-payout. “We strive to protect all parties involved and know that our clients value our practice of going the extra mile to help ensure that key regulations that govern our clients are met. This latest SOC 1attestation is proof of that.”
Joseph Kirkpatrick, Managing Partner with KirkpatrickPrice commented, “ i-payout has implemented best practice controls 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 i-payout.”
SOC 1 Type II 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.
i-payout is an award-winning financial software company that provides world-wide payment solution to its clients, and with that: comprehensive reporting tools, white-labeled branding, escheatment and tax withholding services, cash flow control and more. The company, now in its 10th year, holds a unique position among its competitors – it is arguably unmatched in its ability to customize solutions and quickly integrate them to satisfy the individual needs of its rapidly growing client list. www.i-payout.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. www.kirkpatrickprice.com.