Misys plc (FTSE: MSY.L), the global application software and services company, today announces that it has recently completed SAS 70 examinations for a variety of its hosted solutions.
AICPA's Statement on Auditing Standards No. 70 (SAS 70) Type II examinations were performed for Misys Confirmation Matching Service and Misys Opics Plus. In its first months of operation, the hosted services delivery option for Misys Loan IQ successfully completed a Type I examination. The increased number of solutions that were covered by the latest annual examinations underlines our commitment to provide Misys customers and their auditors with information and assurance regarding the controls and safeguards of our hosted solutions.
Misys processes, procedures and controls were formally evaluated and tested by the independent accounting and auditing firm of Ernst & Young LLP. The examinations included assessing, and in the case of Type II also testing, controls related to logical access to systems, programs and data, change management; processing controls, environmental controls and physical security.
A SAS 70 examination is widely recognised because it proves that a service organisation has been through an evaluation of its control activities as such controls relate to an audit of the financial statements of its customers. Type II reports not only include the service organisation's description of controls, but also include detailed testing of the design and operating effectiveness of that service organisation's controls.
Hach Hashasian, Senior Director, SaaS Compliance & Quality Assurance at Misys, states: "Having completed these three SAS 70 examinations, the management teams at our customers have assurance on the design and operating effectiveness of the controls at Misys relating to our hosted solutions. This level of compliance provides our customers with cost savings while also reinforcing the value of the people, processes and technology that are at the heart of Misys' software-as-a-service (SaaS) business model."
Misys is committed to providing high quality, best practice operations in its expanded SaaS delivery and undertaking annual SAS 70 examinations is, in part, evidence of that commitment.