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News & Research: Press Releases |
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June 2007: TSG Enterprises Achieves Sarbanes Oxley
Compliance Through SAS 70 Audit |
RadiusPoint, A TSG Enterprises Company announces
the achievement of SAS 70 certification in
January 2007. RadiusPoint is one of a very few
Telecom and Energy/Utility Expense Management
providers that have this type of certification.
This certification will assure the clients of
RadiusPoint that audited processes are being
followed that will ensure the timely payment of
their invoices and the ethical handling of all
monies managed by RadiusPoint.
Publicly held companies must follow
Sarbanes-Oxley (SOX) regulations and many
privately held companies are following suite
because of the governing and transparency that
is achieved. Congress passed the Sarbanes-Oxley
Act in 2002 and there was a period of 3 years
before the laws were enforced for the larger
public companies in 2005.
Because of the high cost of corruption that has
created many problems for organizations whether
public or private, the government developed the
groundwork for the SOX regulations, which will
periodically change. The business excesses were
created from some of the more notorious
companies that took “liberties” in reporting
their financial statements. The effort on the
part of the government was to ensure to the
stockholders and the public that the financial
statements made by the publicly traded company
was solid. Today the CEO and the CFO of these
companies must sign off on the financials and
any discrepancies that are found to be
intentional could lead to fines and
imprisonment.
Any company that deals with presenting invoices
for payment or managing the payment process
should be SAS 70 certified. This would encompass
Telecom Expense Management (TEM) and
Energy/Utility Expense Management (UEM) firms
since they are receiving the invoices from the
vendor and presenting them for payment to their
clients.
RadiusPoint uses their proprietary software
ExpenseLogic, to manage many of the processes
needed to comply with the SAS 70 audit. Many
manual steps can be automated and the outcomes
checked by a person. This automation allows the
RadiusPoint staff to easily audit their daily
tasks completed for each client.
RadiusPoint provides a broad portfolio of
business and technology expense management
solutions to help its clients worldwide improve
their business performance. Core services
consist of Business Process Outsourcing (BPO),
Software as a Service (SaaS) and License
Software with respect to Telecom, Utility,
Energy and IT invoice and expenses. RadiusPoint’
is ISO 9001:2000 certified and meets government
regulated standards (Sarbanes Oxley) through SAS
70 certification. RadiusPoint’s United States
Corporate Headquarters is based in Memphis,
Tennessee with an International office in the
World Trade Center in downtown Rotterdam, the
Netherlands and an expansion office opening in
Istanbul, Turkey.
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