RevalÂ®, a provider of financial risk management technology solutions and services, is pleased to announce that it has successfully completed its Statement on Auditing Standards No. 70 (SAS 70) Type II opinion, which was performed by Deloitte & Touche LLP ("Deloitte"). Under the Type II examination, Deloitte conducted a thorough and impartial review and a test of Revalâs operational controls and processes of its hosted application, HedgeRxÂ®. HedgeRx is currently being used by major public corporations for financial reporting and a Type II SAS 70 greatly benefits Revalâs clients who need to meet Sarbanes Oxley and other stringent audit requirements.
The SAS 70 for HedgeRx covers many aspects of controls including, but not limited to: user, software and hardware change management procedures, customer support tracking, quality assurance testing, security, monitoring and backup procedures.
"Although we were already performing these internal controls, we felt the need to have a reputable firm like Deloitte come in to do an independent review to offer further assurances to our clients" notes Phil Pettinato, COO of Reval.
Revalâs users will have access to the SAS 70 document which will save them time and money by expediting reporting related to Sarbanes Oxley requirements and by facilitating internal IT audits. Revalâs professional hosting facilities also are SAS 70 Type II certified.
"Companies should be wary of outsourcing financial reporting to providers that have not taken the steps to obtain their own Type II SAS 70 audits" adds Jiro Okochi, CEO of Reval.