Payments solution provider gets certified for on-demand order-to-pay service; helps answer client questions for Sarbanes-Oxley compliance
Pleasanton, CA — June 6, 2006 — Payments solution provider Xign Corporation has received an SAS 70 Type II audit report from a public accounting firm for Xign's internal operations relating to its on-demand order-to-pay service, affirming the controls that the company has in place over its technology and processes.
The Statement on Auditing Standards (SAS) No. 70, Service Organizations, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA).
An SAS 70 audit or service auditor's examination represents that a service organization has been through an in-depth audit of control activities, which generally include controls over information technology and related processes. A Type II report includes the service organization's description of controls and detailed testing of the service organization's controls over a minimum six-month period.
The Xign SAS 70 report covers management processes for Xign's Web applications for buyers and suppliers, the Xign shared supplier network and Xign support services. Specifically, the report addresses Xign's control objectives relating to security management; personnel; physical security; systems access management; operations management; systems development, maintenance and implementation; and systems logging and monitoring.
The new report complements the SAS 70 Type II certification of the data center infrastructure services provided to Xign by EDS, which has hosted Xign's on-demand service for more than four years. EDS services include support and certain security and disaster recovery services for the production Xign system.
"While the Xign service has been hosted for years at a world-class, SAS 70-certified data center, our customers now have further assurance over Xign processes beyond the data center itself," said Jerry Ulrich, Xign vice president of operations. "This report addresses questions our customers' internal auditors have frequently asked in order to complete required Sarbanes-Oxley documentation."
Xign provides a service for managing the electronic transmission of purchase orders, invoices and payments across the Internet. By shifting from paper to an electronic payables process, organizations have the opportunity to reduce their financial settlement costs while improving visibility and control for Sarbanes-Oxley compliance, according to Xign.
Xign's customers include such companies as Bristol-Myers Squibb, MetLife, Payless ShoeSource and RadioShack.
Additional Articles of Interest
— Long-time e-procurement users share their best practices for driving value in an article that highlights initiatives underway at leading manufacturers. Read more in "The Veterans," cover story in the April/May 2006 issue of Supply & Demand Chain Executive.
— Financial accountability laws offer an opportunity to elevate the importance of Supply Chain to the C-level suite. Find out more in "The Impact of Sarbanes-Oxley on Supply Chain Management," in the April/May 2006 issue of Supply & Demand Chain Executive.
Pleasanton, CA — June 6, 2006 — Payments solution provider Xign Corporation has received an SAS 70 Type II audit report from a public accounting firm for Xign's internal operations relating to its on-demand order-to-pay service, affirming the controls that the company has in place over its technology and processes.
The Statement on Auditing Standards (SAS) No. 70, Service Organizations, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA).
An SAS 70 audit or service auditor's examination represents that a service organization has been through an in-depth audit of control activities, which generally include controls over information technology and related processes. A Type II report includes the service organization's description of controls and detailed testing of the service organization's controls over a minimum six-month period.
The Xign SAS 70 report covers management processes for Xign's Web applications for buyers and suppliers, the Xign shared supplier network and Xign support services. Specifically, the report addresses Xign's control objectives relating to security management; personnel; physical security; systems access management; operations management; systems development, maintenance and implementation; and systems logging and monitoring.
The new report complements the SAS 70 Type II certification of the data center infrastructure services provided to Xign by EDS, which has hosted Xign's on-demand service for more than four years. EDS services include support and certain security and disaster recovery services for the production Xign system.
"While the Xign service has been hosted for years at a world-class, SAS 70-certified data center, our customers now have further assurance over Xign processes beyond the data center itself," said Jerry Ulrich, Xign vice president of operations. "This report addresses questions our customers' internal auditors have frequently asked in order to complete required Sarbanes-Oxley documentation."
Xign provides a service for managing the electronic transmission of purchase orders, invoices and payments across the Internet. By shifting from paper to an electronic payables process, organizations have the opportunity to reduce their financial settlement costs while improving visibility and control for Sarbanes-Oxley compliance, according to Xign.
Xign's customers include such companies as Bristol-Myers Squibb, MetLife, Payless ShoeSource and RadioShack.
Additional Articles of Interest
— Long-time e-procurement users share their best practices for driving value in an article that highlights initiatives underway at leading manufacturers. Read more in "The Veterans," cover story in the April/May 2006 issue of Supply & Demand Chain Executive.
— Financial accountability laws offer an opportunity to elevate the importance of Supply Chain to the C-level suite. Find out more in "The Impact of Sarbanes-Oxley on Supply Chain Management," in the April/May 2006 issue of Supply & Demand Chain Executive.
- More articles about Xign.