As part of our continuing effort to become the gold standard in crypto transaction reporting and the standard bearer of “Bank Statements for Blockchains™,” Verady is pleased to announced that we have recently completed a System and Organization Control (SOC) audit for our Ledgible platform. Ledgible has quickly become a leader in the crypto accounting industry and has developed a reputation for trustworthy and reliable data amongst many of the largest accounting firms in the world. Many of these firms, as well as some of the largest global crypto companies, rely on Ledgible for their crypto accounting, internal control, and audit needs.
While most accounting professionals are at least familiar with SOC standards and requirements, there is still confusion in the market. To help clarify Verady’s SOC audit and its importance, we found a helpful explanation here that we’ve paraphrased below:
“For starters, SOC is a system of service organization controls.. and the controls are a series of standards designed to help measure how well a given service organization conducts and regulates its information. The purpose of SOC standards is to provide confidence and peace of mind for organizations when they engage third-party vendors. A SOC-attested organization has been audited by an independent certified public accountant who determined the firm has the appropriate SOC safeguards and procedures in place.”
“At Verady, we believe it is important for the integrity of the organization to have SOC compliance. Cryptocurrency is new to many and this audit shows Verady has met and exceeded standards set for cryptocurrency accounting, financial reporting, and accounting tools for our customers in the blockchain industry,” said Kell Canty, CEO of Verady. “Further, we are continuing to work with our attesting firm on extending our SOC Audit to include continuous Type 2 issuance as well.”
Accuracy and quality of data is a priority for the company so it can offer a solution that meets high standards and integrity. SOC is a universal framework developed by the American Institute of Certified Public Accountants (AICPA) to verify security compliance and a strong system of internal controls by financial and technological institutions. The report was issued by a leading audit, tax and advisory firm focused on the investment industry. The SOC engagement included a months long, detailed, in-depth examination of Verady’s systems, processes and controls to ensure SOC 1 compliance.
You can read the full press release here: https://finance.yahoo.com/news/verady-completes-rigorous-review-systems-130900500.html