ControlPay has completed the ISAE 3402 Type 1 audit

1 November, 2011 - 14:28

As the world’s leading freight invoice audit service provider we have committed ourselves to the ISAE 3402 audit standard, in order to make sure our clients’ and their carriers’ data and transactions are securely processed. Data integrity, IT security and adherence to very high standards with regards to risk governance and control is an essential part of our business.

For a number of years ControlPay have had their procedures, policies and controls succesfully audited in accordance with the well known SAS70 audit standard. We are pleased to announce that dutch audit firm Hut & Co. EDP Audit has confirmed that ControlPay now has its Type 1 audit completed, compliant with the new International Standard on Assurance Engagements No. 3402. This ensures that relevant controls and procedures relating to important business processes in our Freight Invoice Audit System were accurately described and suitably designed in order to achieve ControlPay management’s control objectives.

ISAE 3402 was issued by the International Auditing and Assurance Standards Board (IAASB) in 2010 to succeed the Statement on Auditing Standards No. 70 (SAS70). ControlPay is one of the first service providers in the Freight Invoice Audit field to complete the new ISAE 3402 Type 1 audit.
An ISAE 3402 Type 2 audit is currently being performed. This will result in a Type 2 Assurance Report later this year. In addition to the Type 1 Report, this will also address the operating effectiveness of the controls which are in scope of the audit.

Furthermore, an SSAE 16 Type 2 Assurance Report will also be made available, in accordance with the AICPA Standard – specifically geared towards ControlPay’s US based clients.