LONG BEACH, Calif., July 2, 2015 /PRNewswire/ -- Vocado, the only fully automated financial aid management solution for higher education institutions, has received a Service Organization Controls (SOC) 1 Type 1 Audit Report. This distinction independently confirms that Vocado's information technology general control system for financial aid management meets the American Institute of Certified Public Accountants' (AICPA) rigorous trust services criteria for control environment & risk assessment, local access & security, computer operations, system change management, and back-up & recovery.
Specialized SOC auditor Auditwerx issued the report following a comprehensive examination of Vocado's technology systems, business processes, internal controls, risk management policies and overall business continuity assurances, in accordance with attestation standards established by the AICPA. SOC Reports can help organizations differentiate between technology providers based on their proven commitment to designing and operating effective and relevant processes and controls.
"Trustworthy financial aid processes and regulatory compliance are critical to the success of not just the learning institutions we support, but also to the students attending these colleges and universities," said Dan Driscoll, president and CEO of Vocado. "At Vocado, system integrity is core to our mission of using comprehensive automation to deliver highly reliable, consistent and compliant results for student financial aid functions. The AICPA SOC 1 Report provides Vocado's customers with added confidence in our solution, and distinguishes Vocado from other financial aid management providers in post-secondary education."
Vocado's financial aid management solution is designed to operate under the AICPA's demanding Trust Services Principles and related criteria, including:
- Control Environment & Risk Assessment: Controls provide reasonable assurance that management identifies and assesses risks and provides oversight, standards of conduct, and a structure for carrying out internal controls.
- Logical Access & Security: Controls provide reasonable assurance that security measures are in place around sensitive data and logical access to programs, data, and computer resources is restricted to authorized and appropriate users.
- Computer Operations: Controls provide reasonable assurance that systems are monitored and deviations, problems and errors are identified, tracked, recorded and resolved in a complete, accurate and timely manner.
- System Change Management: Controls provide reasonable assurance that changes to systems, applications, databases and infrastructure are authorized, tested, documented, approved and implemented to result in the complete, accurate, and timely processing and reporting of transactions and balances.
- Back-up & Recovery: Controls provide reasonable assurance that critical applications and data are backed up regularly and are available for restoration in the event of processing errors or unexpected processing interruptions.
Vocado is a fully automated, financial aid management solution that supports the complex financial aid management process and compliance needs of post-secondary educational institutions. Vocado is the only financial aid management solution that addresses higher education institutions' current requirements for accuracy, compliance and timeliness. By using Vocado, schools can automate up to 90 percent of their financial aid processes, dramatically reducing processing time and effort.
Vocado was created by a team of software innovators with deep experience in developing enterprise systems that address complex financial aid management processes. Vocado is designed specifically for institutions of higher education to ensure compliance while reducing financial aid processing effort.