Paycor has successfully completed a SAS 70 Type II audit for the period July 1, 2007 thru December 31, 2007. The global accounting firm of Grant Thornton LLC performed this audit of Paycor’s control environment, control objectives, and operating effectiveness of these controls, and no significant findings were uncovered.
The American Institute of Certified Public Accountants (AICPA) developed the Statement on Auditing Standards (SAS) No. 70 to allow service organizations to disclose their control processes and activities to their customers and their customers’ auditors in a uniform reporting format. “The SAS 70 Type II audit demonstrates Paycor’s commitment to security, reliability, and integrity,” says, Chuck Schmalz, Paycor Vice President of Treasury and Risk.
The SAS 70 Type II audit is just one of the many steps Paycor takes to protect its clients. Paycor undergoes an independent audit of its financial statements on an annual basis and has since 1993, always with an unqualified opinion. Paycor segregates funds held for clients from operating funds, and reconciles client funds on a daily basis. Paycor also maintains a disaster recovery plan in which data are replicated to an offsite facility in near real-time, with redundant processing centers in three cities.
“Paycor is committed to protecting its clients’ funds and information,” said Bob Coughlin, Paycor founder and CEO. “Our clients place their trust in us, and we work hard every day to prove ourselves worthy of that trust.”