Oasis Successfully Completes SAS 70 Type II Audit
May 21, 2008West Palm Beach, FL – Oasis Outsourcing, the nation’s largest privately-held Professional Employer Organization (PEO), successfully completed a Statement on Auditing Standards (SAS) No. 70 Type II audit. The audit, considered the gold standard for service provider audits, was administered by Ernst & Young, one of the nation’s premier auditing firms. It is an important validation for client companies subject to Sarbanes-Oxley and other reporting requirements.
SAS 70 is an in-depth audit developed by the American Institute of Certified Public Accountants (AICPA) to test the internal controls of service providers’ processes and procedures. Oasis underwent the more rigorous Type II audit, which not only assures that an organization has controls in place, but tests the effectiveness of those controls over a period of time.
The SAS 70 audit evaluated controls relating to data security and storage, system utilization monitoring, client payroll processing, tax filings and more.
“Because clients entrust critical functions to our care such as payroll and benefits administration, it is very important that we utilize best-in-class procedures to protect their sensitive data,” said Mark Perlberg, CEO of Oasis Outsourcing. “Our successful completion of the SAS 70 Type II audit demonstrates that we have effective internal controls for important processes in place.”
Examples of some of the controls audited include:
- Data files, software, and related documentation, both on-site and off-site are properly stored, restricted to authorized users, and that storage sites are periodically reviewed for security of data files.
- Measures are in place and facilities are maintained for protection of computer equipment from environmental factors (e.g., fire, dust, water, excessive heat, etc.)
- New system software and applications being developed and changes to system software and existing applications are authorized, tested, approved, properly implemented, and documented.
- Outbound data transmissions between Oasis and its clients are complete, accurate and secure.
- Logical access to firewall architectures and connections is restricted to properly authorized individuals, and that patches/fixes are applied to firewalls on a timely basis.
- Payroll data (including voids, reissues, reversal and tax adjustments) is recorded, processed and distributed accurately and completely.
- Changes to benefit plans are properly authorized and accurately processed, as well as collected and paid out.
- Tax filings and W-2s are recorded, processed and distributed accurately and completely.
“Oasis has always had stringent processes and controls for our key services to help ensure the accuracy and security of our clients’ data,” said Terry Mayotte, Chief Financial Officer for Oasis. “Completing the SAS 70 Type II audit has confirmed that these processes and controls meet the highest standards.”
About Oasis Outsourcing Holdings, Inc.
Oasis Outsourcing is a Florida-based Professional Employer Organization (PEO) serving more than 80,000 employees and 3,000 clients nationwide. It specializes in providing human resources services, employee benefits, payroll and tax administration, risk management services and staffing solutions to small- and medium-sized businesses throughout the United States. The company operates under the names of Oasis Outsourcing and Oasis Staffing. Offices are located in Atlanta, GA; Austin, TX; Boca Raton, FL; Dallas, TX; Denver, CO; Houston, TX; Jacksonville, FL; Miami, FL; Orlando, FL; Kansas City, KS; Pensacola, FL; Phoenix, AZ, Sarasota, FL; San Diego, CA; Somerset, NJ; Tampa, FL; West Palm Beach, FL and Wichita, KS. For more information about Oasis Outsourcing, visit www.oasisadvantage.com.
Contact Sue Siebert or Jennifer Clarin at Boardroom Communications, Inc., 954-370-8999, ssiebert@boardroompr.com or jclarin@boardroompr.com.
