IRIS CARBON® Successfully Completes SOC 1 (SSAE 18) TYPE 1 Examination

Mistakes in SEC Mutual Fund Filings

Independent audit finds control systems measures up to stringent US standards

Mumbai based global compliance software provider IRIS Business Services limited (BSE: IRIS) today announced that its business built around its cloud based SAAS offering for compliance, IRIS Carbon®, has been found to meet the standards set by the American Institute of Certified Public Accountants (AICPA).

"At a time when there is such a heightened awareness about data privacy and information security, this audit report will give our customers the comfort to deal with us," says the company Co-founder, and whole time Director, Deepta Rangarajan. "Instead of opting for the ISAE 3402 report of the IAASB (International Auditing and Assurance Standards Board) we chose to get ourselves audited under the more exacting AICPA standards. We are delighted that we passed the test," she adds. "This means that our customers elsewhere around the world can also draw equal comfort," she concluded.

IRIS CARBON® is a cloud based SAAS offering which is used by enterprises in 5 countries to create filings that they then submit to the appropriate regulator. While in the USA it is used by listed companies for submissions to the Securities and Exchange Commission (SEC), whereas in England, Ireland and Scotland, the three countries that make up the United Kingdom, it is used to create filings that businesses submit to Her Majesty's Revenue & Customs, the tax regulator. In Italy, it is used by businesses to submit their filings to Infocamere, which receives the data on behalf of the Business Registry. More recently, IRIS CARBON® has been launched in South Africa for companies to make their filings to Companies and Intellectual Property Commission (ClPC) where over 40 companies have already signed up for the IRIS solution. The audit report was based on a thorough examination which encompassed the following:

  • Processes that are set in place to monitor the functioning of the product, support provided to users, maintenance of data, and provisions for back-up
  • Recruitment, training and availability of the correct talent to work on the product
  • Information Security Policies and Procedures that ensure that the relevant information related to incident management, continuity planning, etc. are disseminated through the organization in a systematic and timely manner

"One can never be too careful when it comes to offering compliance solutions and this audit report bears testimony to our ever vigilant approach," says Product Manager, R K Anuradha. "Which is how we are able to offer our solutions to some of the biggest names in the world," Deepta added.