SAN DIEGO and PARIS, May 1, 2006 / PRNewswire / -- Kyriba Corporation, pioneering web-based treasury management solutions since 1999, is pleased to announce the successful completion of its Statement of Auditing Standards No. 70, Service Organizations (“SAS 70”) Type II. The audit was performed by Deloitte & Touche LLP and entailed an independent and comprehensive review and testing of the design and effectiveness of Kyriba’s internal operational controls and processes for KyribaTi®, its hosted treasury platform.
The Securities and Exchange Commission (SEC) has designated SAS 70 as an acceptable method for management to obtain assertions about service organization internal controls and provide assurance for those service organization clients subject to Section 404 of the Sarbanes-Oxley Act of 2002. Several multi-national and domestic corporations utilize Kyriba’s treasury solutions to optimize their cash, liquidity, and forecasting practices across the enterprise, thereby achieving visibility into financial operations company-wide. Thus, the Type II SAS 70 opinion offered by Deloitte & Touche significantly benefits Kyriba’s clients as it enables compliance with Sarbanes-Oxley and requirements mandated by other regulatory statutes.
The SAS 70 Type II certification obtained by Kyriba encompasses several controls including, but not limited to interfaces, monitoring, change management procedures, quality assurance testing, customer support / help desk, security and backup processes. This report can be used by Kyriba’s clients to readily demonstrate the existence of controls relevant to Sarbanes-Oxley and required by internal audits, thereby reducing client costs and resource needs.
Jean-Luc Robert, Kyriba’s CEO, states “Kyriba’s clients are employing a tool that, by its very nature, enables Sarbanes-Oxley compliance throughout their organizations. With the acquisition of the SAS 70 Type II report from a reputable firm such as Deloitte, Kyriba’s current and prospective clients alike can have assurance over the existence and effectiveness of outsourced internal controls subject to Section 404.”
Mr. Robert continues “Kyriba has strived to meet or exceed industry standards for the control environment maintained within our organization. Our future strategy shall be to engage in SAS 70 Type II audits annually, thereby assuring our clients of the level of Sarbanes-Oxley compliant controls in effect for the KyribaTi platform.”