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FIQAS received an ISAE 3402 type 2 assurance statement for the fiscal year 2017 regarding its Abillity® billing platform, with ‘zero exceptions.’ This statement confirms and substantiates that Abillity® provides complete control over the automated order-to-cash processes executed by FIQAS for its clients or those managed by its clients internally.
ISAE 3402 is an internationally recognized assurance standard for outsourcing. Service organizations certified under ISAE 3402 undergo an extensive audit of their risk management and internal control systems. All accountants in the Netherlands acknowledge the ISAE 3402 standard, relying on it for their financial statement audits. The type 2 statement indicates that the evaluated party has complete control over the outsourced processes.
As a service organization, FIQAS provides managed services for pricing, invoicing, and accounts receivable management using its proprietary Abillity® platform. Clients of FIQAS undergo an annual audit for their financial statements, with increasing emphasis on the automated processes and their security, especially in light of legislation. Therefore, an ISAE 3402 audit is becoming increasingly important for FIQAS’s clients.
The Abillity® assessment for 2017 is noteworthy as the assurance statement resulted from a generic assessment covering all modules of the platform. In previous years, separate client-specific statements were issued, focusing solely on the components used by the respective client.
The advantage of the generic assurance statement is twofold. FIQAS’s clients’ auditors can utilize this statement in their own audits, ensuring that all relevant components have been assessed and comply with ISAE 3402 type 2. For prospective and new clients of FIQAS, it’s important to know that FIQAS undergoes this evaluation annually and successfully completes it.
FIQAS passed the comprehensive Abillity® assessment with ‘zero exceptions,’ signifying that the audit revealed no deficiencies. While this result aligns with FIQAS’s prior assessments, it remains a testament to their consistent performance and quality.
