Capital for Merchants Completes Service Organization Controls (SSAE 16 / SOC 1) Report

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May 03, 2016, 11:32 ET

TROY, Mich., May 3, 2016 /PRNewswire/ -- Capital for Merchants, a pioneer in the cash advance industry helping entrepreneurs get the working capital they need, today announced that it has recently completed its Service Organization Controls (SSAE 16 / SOC 1) examination under Statement on Standards for Attestation Engagements No. 16, Reporting on Controls at a Service Organization (AICPA, Professional Standards, AT sec. 801), as of April 15, 2016, that was performed by an independent auditing firm.

Completion of the SSAE 16 / SOC 1 Type I examination indicates that selected Capital for Merchants processes, procedures and controls have been formally evaluated and tested by an independent accounting and auditing firm. The examination included Capital for Merchants' controls related to the services it provides to user entities when those controls are likely to be relevant to user entities' internal control over financial reporting. The examination included the company's controls related to: FUNDperfect application provided by Sysarc Informatix PVT Ltd., and Telx Computers, Inc, for IT infrastructure support services.

SSAE 16 / SOC 1 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user entity's management to obtain assurance about service organization internal controls without conducting additional assessments. In addition, the requirements of Section 404 of the Sarbanes-Oxley Act of 2002 make SSAE 16 reports even more important to the process of reporting on effective internal controls by public companies.

A SSAE 16 / SOC 1 examination is widely recognized, because it represents that a service organization has been through an evaluation of their control activities as they relate to an audit of the financial statements of its customers. A Type I report includes the service organization's system description and testing of the design of the service organization's controls.

"Capital for Merchants is very proud to achieve our SOC1 Type 1 certification under the AICPA, confirming that our process controls are suitably designed to meet our control objectives," said Rhett Rowe, president of Capital for Merchants. "In fact, CFM is one of very few firms in the merchant cash advances industry which has received SOC 1 certification."

About Capital for Merchants
Capital for Merchants is passionate about helping small business owners realize their dreams. As pioneers of the merchant cash advance program that helps entrepreneurs get the working capital they need, Capital for Merchants leads the small business loans industry with the lowest rates and most flexible program options in the business. Capital for Merchants has partnered with award-winning, multi-billion dollar credit card processor North American Bancard to offer restaurants, bars, beauty salons, auto shops, retail stores, and other small businesses modern innovation with strategic investments, industry-leading training, and hundreds of employees dedicated to helping American businesses thrive. For more information, visit www.capitalformerchants.com.