âThis certification is a more rigorous audit of the SAS 70 processes that we put in place in 2008,â said John Trefethen, chief financial officer of DerivActiv, LLC. âDerivActiv customers can feel confident that with the completion of this more rigorous SAS 70 Type II audit, our valuation service and the customer data that we work with are accurate, stable and secure.â
Many companies and their auditors, especially financial services and other highly regulated organizations, require proof that a third-party provider of information used in financial statements has processes and controls in place for a secure environment for provision of independent valuations. Issued under guidance established by the American Institute of Certified Public Accountants, the SAS 70 report provides assurances regarding specific control and security objectives that DerivActiv has designed. A third-party review of a service providerâs security and operational controls, especially when financial data is involved, is becoming increasingly necessary in todayâs marketplace. Obtaining the SAS 70 certification demonstrates compliance with the standard of due care for security and risk controls and creates an immediate trust between partners and their auditors.