LSQ, a leading provider of technology-driven working capital solutions, announced the successful completion of their 2020 System and Organizational Controls (SOC) 1® Type 1 examination for their LSQ FastTrack® working capital platform. The examination was the fifth to be completed by LSQ, but the first to include LSQ FastTrack, which encompasses Accounts Payable (Supply Chain Finance and Dynamic Discounting) and Accounts Receivables solutions. The completion of the examination exemplifies LSQ’s continued commitment to deliver high-quality services to its clients and partners by demonstrating they have the most stringent internal controls and processes in place.
The audit was performed by Schellman & Company, Inc., a leading provider of attestation and compliance services, that is the only company in the world that is a CPA firm, a globally licensed PCI Qualified Security Assessor, an ISO Certification Body, HITRUST CSF Assessor, and a FedRAMP 3PAO. Schellman found that LSQ successfully completed the examination and achieved an unqualified opinion across all tested compliance frameworks.
The Type I SOC 1 is a reporting option established by the Association of International Certified Professional Accountants (“AICPA”) to opine on management’s description of a System and Organization’s system and the suitability of the design of controls. The examinations are performed by independent auditing firms to evaluate the suitability and design of controls that support LSQ operations and financial reporting.
“LSQ FastTrack was built with the highest standards surrounding controls and confidentiality. Successful completion of the Type 1 SOC 1 examination demonstrates our efforts to build a secure platform,” said Steve Piubeni, director of compliance at LSQ. “LSQ will undergo a SOC 2 audit later this year, which will further demonstrate our commitment to implementing the highest standards for security, confidentiality, and availability. Our engineering department currently builds our platform to SOC 2 standards, and the audit will confirm the implementation of these strict security and data protection protocols.”
LSQ FastTrack is an intuitive working capital platform built to meet the needs of buyers and their suppliers. The platform allows enterprises of all sizes to offer supply chain finance, dynamic discounting, and accounts receivable finance to their entire seller ecosystem. LSQ FastTrack enables companies to get paid faster, optimize working capital, assess their customers’ health, and provide insights into their business’s performance from any device.
