Press Release: W Energy Software Successfully Completes SOC 1® and 2® Type II Audit Examinations

– Successful completion emphasizes W Energy Software’s ongoing commitment to protecting client data  –

 

Tulsa, Oklahoma  {October 22, 2018} – W Energy Software Energy, a leading provider of advanced oil and gas accounting software, today announced that it has successfully completed System and Organization Controls (SOC) 1® Type II and SOC 2® Type II Audit examination for their Financial and Transaction Management Software System. W Energy Software retained international business advisory firm Skoda Minotti for its SOC 1® and SOC 2® audit work. W Energy Software selected Skoda Minotti after an intensive search based on their reputation as a leading risk advisory and compliance firm.

Skoda Minotti’s testing of W Energy Software’s controls included examination of their policies and procedures regarding network connectivity, firewall configurations, systems development life cycle, computer operations, logical access, data transmission, backup and disaster recovery, and other critical operational areas of their business. Upon completion of the audit, W Energy Software received a Service Auditor’s Report with an unqualified opinion demonstrating that their policies, procedures, and infrastructure meet or exceed the stringent SOC 1® and 2® criteria.

“The successful completion of our SOC 1® and 2® Type II examination audit provides W Energy Software’s clients with the assurance that the controls and safeguards we employ to protect and secure their data are in line with industry standards and best practices,” said Michael Tetzlaff, CFO & VP of Software Operations.

Ben Osbrach, CISSP, CISA, QSA, CICP, CCSFP, partner-in-charge of Skoda Minotti’s risk advisory group says, “We were excited to continue our audit relationship with W Energy Software on the completion of their 2018 SOC 1® and 2® Type II. Michael and his team strive for improvement in their controls year over year; taking their responsibility for maintaining a well-controlled and secured environment seriously.”

SOC engagements are performed in accordance with the American Institute of Certified Public Accountants’ (AICPA) AT-C 205, Reporting on Controls at a Service Organization and based on the trust service principles outlined in the AICPA Guide, Reporting on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality, or Privacy. The SOC Type II reports are performed by an independent auditing firm and is intended to provide an understanding of the service organization’s suitability of the design and operating effectiveness of its internal controls. A service organization may select any or all of the trust service principles applicable to their business and W Energy Software chose to report on security and availability. These reports are important components of user entities’ evaluation of their internal controls over financial reporting for purposes of complying with laws and regulations such as the Sarbanes-Oxley Act and the user entities’ auditors as they plan and perform audits of the user entities’ financial statements. The successful completion of this voluntary engagement illustrates W Energy Software’s ongoing commitment to create and maintain a secure operating environment for their clients’ confidential data.

 

About W Energy Software

W Energy Software is the new standard in oil and gas accounting software. The company’s cloud-based or on-premises fully-integrated software suite provides the best end-to-end solution on the market. Faster setup, performance, reporting and streamlined upgrades leaves its clients more time for analyzing data and running their businesses. Combine this with client-focused technology advancements, known and transparent costs, and highly-qualified customer support members, and the WE Experience consistently exceeds expectations while setting performance benchmarks for the industry. Learn more at wenergysoftware.com.

About – Skoda Minotti

Skoda Minotti is a Certified Public Accounting Firm based in Cleveland, OH offering a variety of tax, finance, and business advisory services in virtually every area of business. The Risk Advisory practice specializes in SOC Reporting, PCI DSS Compliance, FISMA, NIST, and other regulatory information security assessments. Staff in Skoda Minotti’s Risk Advisory hold several industry certifications including Certified Information Systems Auditor (CISSA), Certified Information Systems Security Professional (CISSP), Qualified Security Assessor (QSA), GIAC Penetration Tester (GPEN), and GIAC Web Application Penetration Tester (GWAPT). For more information about Skoda Minotti’s Risk Advisory Services, please visit risk.skodaminotti.com.

 

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