QuickArrow Achieves PSA Industry’s Only Unqualified SAS 70 Type II Certification for Second Consecutive Time
More than 40 Public Companies Rely on QuickArrow to Assist in Achieving Compliance with Sarbanes-Oxley and Maintain Internal Control Processes
Austin, Texas (PRWEB) April 3, 2006 —
QuickArrow, Inc., a leading provider of on-demand professional services automation solutions for billable services organizations, has received its second consecutive unqualified SAS 70 Type II report. The SAS 70 examination, conducted by Ernst & Young LLP, included QuickArrow’s software applications, internal control processes, and site operations. QuickArrow is the only professional services automation provider to obtain a SAS 70 Type II report.
SAS 70 (Statement on Auditing Standards No. 70) is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) and is identified in Section 404 of the Sarbanes-Oxley Act to assist public companies reliant on service organizations for functions related to financial reporting. A SAS 70 report reports on a service organization’s control activities ─ including controls over IT and related processes.
An “unqualified” auditor’s opinion for a SAS 70 Type II report indicates that all control objectives specified by the service organization were achieved without a significant exception or deficiency.
“Because QuickArrow is the only professional services automation provider to obtain a SAS 70 Type II report, we have a competitive edge in the industry,” said Elizabeth Davis, QuickArrow’s CEO. “This certification illustrates our continued commitment to our publicly traded clients as they navigate the complexities of the Sarbanes-Oxley Act and the challenges of regulatory compliance and drives us to continue to adopt and maintain auditable, documented processes.”
The SAS 70 Type II report ─ obtained by QuickArrow ─ includes a description of the service organization’s controls and safeguards when hosting or processing customer financial data and includes a description of the audit tests performed by the independent auditor, generally for a minimum period of coverage of six months. A SAS 70 Type I report, in contrast, only lists the service organization's description of controls as of a point in time and the auditor’s assessment is limited to whether the controls were placed in operation and are suitably designed. Controls on operating effectiveness of controls are not drawn.
“With auditors scrutinizing our financials on a quarterly basis, QuickArrow’s SAS 70 Type II certification removes a major part of the burden from our shoulders and provides a level of audit assurance,” said Don Haderle, Sr. Business Operations Manager, Client Services Worldwide, at Callidus Software. “As we go down the path of being Sarbanes-Oxley compliant, working with applications that have been subject to a SAS 70 process will be more requisite. By QuickArrow obtaining a SAS 70, a valuable supplemental benefit is available to present to our auditors.”
About QuickArrow
QuickArrow is a leading provider of automation and management software for Billable Services Organizations including IT services, software, hardware, environmental consulting entities, management consulting, health care consulting and business services organizations. Since 1998, QuickArrow has pioneered delivering professional services management applications over the web. Today, QuickArrow continues that pioneering approach by expanding and extending its professional services management solution to lead the industry it helped create. QuickArrow is a founding member of the Technology Professional Services Association and provides on demand service to more than 225 clients and 20,000 active users worldwide. Customers include Borland Software, Eloqua, Genesys Telecommunications Laboratories (a subsidiary of Alcatel), IMG, Macromedia, Responsys, Salesforce. com, and SPSS. QuickArrow is headquartered in Austin, Texas. www. quickarrow. com
###
