News

• PayrollServe is SAS 70 (Type II) Compliant
• Stone Forest is a Top 10 HR Vender of the Year 2007

 

PayrollServe is SAS 70 (Type II) Compliant

PayrollServe has recently undergone a SAS 70 audit and received an "unqualified SAS 70 Type II” opinion from KraftCPAs PLLC – Certified Public Accountants and Consultants, Tennessee, United States. KraftCPAs examined and tested the effectiveness of controls related to accounting and outsourcing services, as well as related general IT controls.

 

This brief explains what SAS 70 is and what it means to clients engaging PayrollServe’s services. 

 

What is SAS 70?

The Statement on Auditing Standards No. 70 (SAS 70) is an internationally recognised auditing standard developed by the American Institute of Certified Public Accountants (AICPA).
A SAS 70 Compliant status conferred to a service organisation is a testimony that the service provider has adequate controls and safeguards in place to host and process the data of its clients.  

 

Why the need?

In planning a financial audit of its client, an external auditor is expected to obtain an understanding and evaluation of the control risk of the client’s internal controls, which extend to the controls of its outsourced providers in managing its data.

 

Further, all US-listed companies are legally required to ensure that the companies’ corporate governance and financial reporting comply with the Sarbanes-Oxley Act (SOX) 2002 Section 404, which requires disclosure of controls over financial reporting and the effectiveness of the controls. It states that the public company also has the responsibility to ensure controls over its outsourced service providers. A SAS 70 Service Report from the latter will provide this transparency and facilitate the compliance.

 

Who issues the Service Report?

An independent accounting firm will evaluate and test the control policies and procedures of a service organisation. A Type II Service Report issued by it will contain the description of the service organisation’s controls, description of the tests of operating effectiveness and an opinion on whether the controls tested were operating with sufficient effectiveness to provide reasonable assurance that the control objectives were achieved during the test period.

 

What this means to you?

Few companies in the same trade in Singapore have obtained this certification. The fact that controls and operations at PayrollServe have been assessed, tested and passed by an independent accounting firm indicates that PayrollServe has met international risk control standards and that there are sufficient safeguards in place to protect clients’ data and confidentiality. This is a mark of service quality and commitment that provides greater assurance to you.

 

Chio Lim Stone Forests’
outsourcing services was voted a Top 10 HR Vendor in the 2007 ranking by Human Resources magazine.

The firm bagged three awards:

• 2nd place (Joint), Best Outsourcing Vendor of the Year, Wholesale & Retail,
• 5th place, Outsourcing Vendor of the Year
• 9th place, HR Technology (Payroll Software Vendor of the Year)

A total of 90 firms were nominated by over 300 HR practitioners who were asked to rank their preferred business partners.

70% of the respondents came from a strategic management role, whose position was either a vice-president or a director of HR. Their companies’ staff strength ranges from 50 to over 500 with more than half having a regional or international responsibility.

Jeffery Tan, Head of staffing solutions, commented in an interview with Human Resources that it was the firm’s very personal touch and ability to appreciate clients’ needs well that helped win the awards.

He further elaborated that to distinguish its services in the market, the firm’s three divisions adopted new identities of their own:

• PayrollServe which handles all payroll and HR administration needs for business
• AccountStaff which specializes in management services, contract accountant services and placement for finance and accounting staff
• AccountServe which offers all accounting services
  

To know more about our Payroll Outsourcing Services, contact PayrollServe.