Synechron Successfully Completes SAS 70 Type II Audit
Piscataway, NJ, 4th January 2007:
Synechron, a US-based software solutions and services provider in the mortgage industry, today announced the successful completion of its SAS 70 Type II audit. The SAS audit is an internationally recognized auditing standard developed and maintained by the American Institute of Certified Public Accountants (AICPA). The standard is designed to help companies identify service organizations that comply with defined business processes and audit standards.
The extensive audit was conducted by Princeton Audit Group, an independent service auditor, under the standards developed by the AICPA. Synechron received a favorable SAS 70 Type II audit result in November, 2006.
The audit identified all significant control points in the company, validated those controls against industry standards and then tested the company's controls over a six-month period. The areas evaluated included control environment, physical security, environmental protection, risk assessment, monitoring, logical access controls, control activities and information and communication systems. The resulting independent Service Auditor's Report concluded that Synechron had instituted effective operational controls within these areas.
"The auditors performed extensive testing of hundreds of control activities that have been implemented by Synechron to help ensure the integrity and security of its hosted client systems," said Zia Bhutta, COO of Synechron. He continued, "Attainment of SAS 70 compliance is testament to Synechron's continued commitment towards maintaining the highest levels of system integrity and process and information security standards for all our clients."
A Type II SAS audit is a widely recognized and in-depth examination of a company's control activities including those over information technology and all related processes. It provides a clear confirmation of the reliability, security and availability, and processing integrity of the services provided by the company.
Synechron provides a range of technology services in the mortgage banking industry including development of loan origination and processing solutions around major LOS systems including Calyx Point, Contour, BYTE, Genesis, Encompass, Empower, TMO, MortgageFlex, and Integra. Synechron also offers BPO and KPO services built upon proven business process and technology services provided to major players in the mortgage banking industry.
About SAS 70
Statement on Auditing Standards (SAS) No. 70, Service Organizations, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). A SAS 70 audit or service auditor's examination is widely recognized because it represents that a service organization has been through an in-depth audit of their control activities, which generally include controls over IT and related processes. The requirements of Section 404 of Sarbanes-Oxley Act of 2002 make SAS 70 audit reports even more important to the process of reporting on effective internal controls at service organizations.
About Princeton Audit Services
PRINCETON AUDIT GROUP has a dedicated team of highly qualified auditors with unparalleled dedication to IT Audits in various compliance arenas. Their profound experience in helping clients with Sarbanes-Oxley, HIPAA, ISO, IT Security and PCI Audits can significantly help the corporations meet the challenges outlined above in a cost-effective manner.
About Synechron
Synechron is a Global IT Solutions & Services provider with a niche focus on the BFSI (Banking and Financial Services) space with headquarters in New Jersey, global offices in the US, and a state-of-the-art Development Center based in Pune, India. Synechron provides a range of IT solutions with a domain focus in Capital Markets, Insurance, Mortgage Banking and Internet Media & Technology. Services include development, customization, integration, maintenance, support, migration, automation, QA Services and KPO services. For more information visit www.synechron.com.
Synechron Corporate Contact:
Siddharth Madhusudan for corporate communications
Piscataway, NJ, 4th January 2007:
Synechron, a US-based software solutions and services provider in the mortgage industry, today announced the successful completion of its SAS 70 Type II audit. The SAS audit is an internationally recognized auditing standard developed and maintained by the American Institute of Certified Public Accountants (AICPA). The standard is designed to help companies identify service organizations that comply with defined business processes and audit standards.
The extensive audit was conducted by Princeton Audit Group, an independent service auditor, under the standards developed by the AICPA. Synechron received a favorable SAS 70 Type II audit result in November, 2006.
The audit identified all significant control points in the company, validated those controls against industry standards and then tested the company's controls over a six-month period. The areas evaluated included control environment, physical security, environmental protection, risk assessment, monitoring, logical access controls, control activities and information and communication systems. The resulting independent Service Auditor's Report concluded that Synechron had instituted effective operational controls within these areas.
"The auditors performed extensive testing of hundreds of control activities that have been implemented by Synechron to help ensure the integrity and security of its hosted client systems," said Zia Bhutta, COO of Synechron. He continued, "Attainment of SAS 70 compliance is testament to Synechron's continued commitment towards maintaining the highest levels of system integrity and process and information security standards for all our clients."
A Type II SAS audit is a widely recognized and in-depth examination of a company's control activities including those over information technology and all related processes. It provides a clear confirmation of the reliability, security and availability, and processing integrity of the services provided by the company.
Synechron provides a range of technology services in the mortgage banking industry including development of loan origination and processing solutions around major LOS systems including Calyx Point, Contour, BYTE, Genesis, Encompass, Empower, TMO, MortgageFlex, and Integra. Synechron also offers BPO and KPO services built upon proven business process and technology services provided to major players in the mortgage banking industry.
About SAS 70
Statement on Auditing Standards (SAS) No. 70, Service Organizations, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). A SAS 70 audit or service auditor's examination is widely recognized because it represents that a service organization has been through an in-depth audit of their control activities, which generally include controls over IT and related processes. The requirements of Section 404 of Sarbanes-Oxley Act of 2002 make SAS 70 audit reports even more important to the process of reporting on effective internal controls at service organizations.
About Princeton Audit Services
PRINCETON AUDIT GROUP has a dedicated team of highly qualified auditors with unparalleled dedication to IT Audits in various compliance arenas. Their profound experience in helping clients with Sarbanes-Oxley, HIPAA, ISO, IT Security and PCI Audits can significantly help the corporations meet the challenges outlined above in a cost-effective manner.
About Synechron
Synechron is a Global IT Solutions & Services provider with a niche focus on the BFSI (Banking and Financial Services) space with headquarters in New Jersey, global offices in the US, and a state-of-the-art Development Center based in Pune, India. Synechron provides a range of IT solutions with a domain focus in Capital Markets, Insurance, Mortgage Banking and Internet Media & Technology. Services include development, customization, integration, maintenance, support, migration, automation, QA Services and KPO services. For more information visit www.synechron.com.
Synechron Corporate Contact:
Siddharth Madhusudan for corporate communications
