Wolters Kluwer Tax and Accounting has successfully undergone a Service Organization Control (SOC) 1 examination of its Indirect Tax Content Services and related general controls.
The resulting SOC 1 report states that management of Wolters Kluwer Tax and Accounting has suitably designed controls over the collection, analysis and management of its sales and use tax rates and taxability content. The engagement was performed by Frazier & Deeter, LLC, a respected and experienced firm dedicated to SOC examination practice.
"We are pleased that our SOC 1 report has shown that we have the appropriate practices and controls in place to mitigate risks related to Indirect Tax Content Services and related general controls,” said James Paterson, Vice President and General Manager of Wolters Kluwer Tax and Accounting North America, Corporate Indirect Segment. “Completing this SOC 1 examination, as well as the fact that Wolters Kluwer has continuously been selected for the past 13 years by the IRS to provide sales tax rates and taxability content, demonstrates our ongoing commitment to accuracy, security, compliance and maintaining the integrity of our software.”
The examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants.
A SOC 1 report is designed to meet the needs of existing or potential customers who need assurance about the design of controls at a service organization that are relevant to financial reporting. It is an internal control report on the services provided by a service organization to its customers and provides valuable information that existing and potential customers of the service organization need to assess and address the risks associated with an outsourced service.
Current and prospective customers interested in a copy of the SOC 1 report may contact a Wolters Kluwer sales representative at: http://info.salestax.com/contact-us.