CPA Firm Issues SOC 1(SM) Report on Controls at Locus Technologies Relevant to Locus' Internal Control Over Financial Reporting (SSAE 16)
(Marketwire Via Acquire Media NewsEdge) SAN FRANCISCO, CA -- (Marketwire) -- 11/12/12 --
Locus Technologies (Locus), the industry leader in Cloud-computing enterprise software for environmental, energy, air, water, and compliance management, announced today that the company has undergone a Service Organization Control 1(SM) examination resulting in a CPA's report stating that management of Locus Technologies maintained effective controls over the Financial Reporting of its Software as a Service (SaaS) system. The engagement was performed by Cropper Accountancy.
A SOC 1(SM) report is designed to meet the needs of existing or potential customers who need assurance about the effectiveness of controls at Locus that are relevant to its financial reporting system. This report was prepared in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization, and is specifically intended to meet the needs of the entities that use Locus' SaaS software and the CPAs that audit Locus' financial statements, in evaluating the effect of the controls at Locus on the company's financial statements. Locus' SOC 1 report is a Type 2 -- report stating that the presentation and description of Locus' system is fair, and that its design and operating effectiveness of controls do achieve the related objectives included in the description throughout a specified period of time.
The SOC 1(SM) report places Locus in a rare category among environmental information management providers to have attained this rigorous classification. In today's corporate social responsibility (CSR) and risk-management environment, it is essential that service providers like Locus demonstrate that they have adequate controls and safeguards in place so customers can be confident that their data are safe, and that they are being charged fairly.
"We are pleased that our SOC 1(SM) report has shown that we have the appropriate financial controls in place. This is in addition to a SOC 2(SM) report that we received recently that is focused on mitigating risks related to security, availability, processing integrity, confidentiality and privacy of customers' environmental, energy, sustainability, and compliance data stored in Locus' Cloud," said Dr. Neno Duplan, President and CEO of Locus. "The culture here at Locus is to put our customers first at all times, and it is essential that they feel secure with our financial information management and in trusting us with their data."
About Locus Technologies
Locus provides businesses with the power to be green on demand and has pioneered web-based environmental software suites. Locus' software enables companies to organize and validate all key environmental information in a single system, which includes analytical data for water, air, soil, greenhouse gases, sustainability, compliance, and environmental content. Locus software is delivered through Cloud-computing (SaaS), so there is no hardware to procure, no large up-front license fee, and no complex set-ups. Locus also offers services to help implement and maintain environmental programs using our unique technologies.
For more information, visit www.locustec.com or email firstname.lastname@example.org.
Add to Digg Bookmark with del.icio.us Add to Newsvine
Source: Locus Technologies
[ Back To Smart Grid Home's Homepage ]