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iControl Successfully Completes SOC 1 Audit, Maintains Industry-Leading Financial Controls
iControl Successfully Completes SOC 1 Audit, Maintains Industry-Leading Financial Controls.
BURTONSVILLE, MD, February 2, 2015 – iControl has successfully completed its annual Service Organization Control (SOC) 1 audit of the Company's internal controls over financial reporting. iControl’s Retailer, Distributor and Supplier clients can use this report to understand the controls designed and implemented by iControl, while also using this report to design and implement their own internal controls to complement those established by iControl.
Use of SOC 1 reports have increased based on recent trends such as an increasing amount of outsourced activities, growth of outsourced service providers, and increasing regulations. Most relevant to iControl’s clients is the regulation imposed by the Sarbanes-Oxley Act of 2002, which includes reporting on the effectiveness of internal control over financial reporting.
The SOC 1 report includes:
- Independent Service Auditor’s Report
- iControl Management’s assertion
- iControl’s description of the system
- Control objectives, activities and tests performed
- Supplemental information from iControl
The audit of control objectives and related control activities included: computer operations, information security, data communications and facilitation of financial transactions for both data exchange and billing and payments.
As stated by Brightline CPA’s & Associates, Inc. –
“In our opinion, in all material respects, based on the criteria in iControl’s assertion in Section 2, the description fairly represents the Data Exchange, Electronic Payment Solutions and Transaction Settlement system that was designed and implemented as of July 31, 2015.”
In addition, “the controls related to the control objectives stated in the description were suitably designed to provide reasonable assurance that the control objectives would be achieved if the controls operated effectively as of July 31, 2015 and user entities applied the complementary user entity controls contemplated in the design of iControl’s controls as of July 31, 2015.”
Upon receipt of the SOC 1 report, iControl’s Chief Technology Officer, Gilad Keren, commented: "We are committed to the highest levels of internal controls over our financial reporting on behalf of our clients, and are proud to remain in compliance with the strict standards demanded by the recent SOC 1 audit."
iControl Board Member, Jay Price, added that “financial controls and process integrity should be the cornerstone of any company managing financial transactions, and iControl’s track record of successfully seeking out, and completing SAS 70, SSAE 16, and now SOC 1 audits demonstrates the Company’s commitment to these industry-leading standards.”
About iControl Data Solutions:
iControl is a leading provider of process improvement, transaction settlement, and collaborative business intelligence solutions for the food, drug and convenience value chain. We make it easier for our partners to improve performance and reduce costs through electronic collaboration. We process and remit funds for millions of invoices annually, while providing real-time visibility to store and item level inventory and sales data. Our network includes over 30,000 retail outlets and over 3,000 distributors and manufacturers in all 50 states. For more information please visit http://www.icontroldata.net.