Navigation Links
Rising Medical Solutions, an Early Adopter of SAS 70's Replacement Standard
Date:9/23/2011

CHICAGO, Sept. 23, 2011 /PRNewswire/ -- A recently enacted standard has replaced the Statement on Auditing Standards No. 70 (SAS 70).  This superseding standard, the Statement on Standards for Attestation Engagements No. 16 (SSAE 16), became effective on June 15, 2011 and pushes service organizations to enforce a stronger set of controls and more stringent reporting requirements.

(Logo: http://photos.prnewswire.com/prnh/20080206/AQW030LOGO-b)

Rising Medical Solutions has taken the first major step toward being SSAE 16 compliant, with the issuance of a Service Organization Control Report (SOC 1) on Rising's Provider Payments System.  The report was issued by Blackman Kallick, an independent accounting and auditing firm. Rising, like many companies providing services that impact clients' finances, such as payroll processing, accounting, or benefits administration, seeks conformity with this new standard as affirmation of its accounting, technology and security practices. Certain financial services organizations subject to the Frank-Dodd Act are required to issue a SOC 1 report.

"While Rising is not subject to the requirement of SSAE-16, we feel that our systems must provide an environment that safeguards our clients' data and assets," says Thomas Galvan, Rising's Chief Financial Officer. "Becoming SSAE 16 compliant is a step to provide us validation from an independent third-party that our controls are adequate."

The primary changes between these two auditing principles include:

  • Audit vs. Attest: SSAE 16, unlike SAS 70, is an "attest" standard, falling under the attestation framework, and not the "auditing" framework. SSAE 16 addresses management's focus on understanding business and IT processes, evaluating the completeness of a risk assessment, identifying key controls and whether those controls are in place.
  • Description of a "System" vs. Description of "Controls": SSAE 16 requires a description of the "system", while SAS 70 only called for a description of "controls". SSAE 16's "system" description is seen as a more expansive, detailed requirement.
  • Written Assertion by Management: SSAE 16 requires a written "assertion" by management, something that was never required for the SAS 70 auditing standard. The service organization provides a written assertion to the auditor ensuring a number of control essentials.  The control environment also requires a company to have ongoing monitoring activities or separate evaluations in place to support management's assertion.

Ultimately, the switch from SAS 70 to SSAE 16 allows companies, like Rising, to better meet objectives for financial reporting reliability and operational effectiveness and efficiency. Rising expects its environment to be fully reviewed and tested by year's end.

About Rising Medical Solutions Inc.

Rising Medical Solutions is a national medical-financial solutions firm that provides medical bill review, hospital bill review  and medical cost containment services to the workers' compensation, auto, liability, and group health markets. Inc. magazine and the Private Company Index (PCI) rank the Chicago-based company as one of the fastest growing private enterprises in America.

Media Contact
Leslie Yeransian - 617.733.1225 / leslie.yeransian@risingms.com

Available Topic Expert(s): For information on the listed expert(s), click appropriate link.
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=73105
Jason Beans


'/>"/>
SOURCE Rising Medical Solutions Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Top 20 Contract Research Organizations (CRO) - Asia-Pacific, Especially India and China, Positioned to Benefit from Rising Financial and Regulatory Pressures in Western Pharmaceutical Markets
2. Reportlinker Adds Pharmaceutical Key Trends 2011 - Socio-Demographic and Economic Overview : Rising Healthcare Costs Coupled with the Economic Downturn Continue to Shape the Healthcare Landscape
3. Failure Rate of DePuy ASR XL Hip Implant Rising
4. Despite Rising Procedure Volumes, the $30 Million European Arthroscope Market Experienced Nominal Growth in 2010
5. Due to Rising Costs of Asthma and Chronic Obstructive Pulmonary Disease Drugs, Managed Care Organization Pharmacy Directors Will be Forced to Tighten Their Formularies
6. Rising Burden of Diseases Drives the Pharmaceutical Industry in East Africa, Says Frost & Sullivan
7. Roches Quinn Honored as 2010 HBA Rising Star
8. Top 5 Global Spinal Implant Companies Maintaining Position but Competition Rising Rapidly
9. Pharmaceutical and Life Sciences Companies Face Rising Tax Rates, Says PricewaterhouseCoopers
10. New Analysis Shows Troubling Trend in Triglyceride Levels May Be Linked to Rising Rates of Obesity
11. Walgreens Take Care Health Systems and Sanofi US Open On-site Medical Center and Pharmacy
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/24/2017)... 24, 2017 SW Safety Solutions, Inc., the ... announces the release of the latest advancement in workplace ... example of leading edge nitrile glove technology features SW,s ... more tactile grip on wet and oily surfaces and ... TracTek and a suite of other advanced SW technologies, ...
(Date:4/20/2017)... 20, 2017  Vivify Health, the pioneer and market ... awarded a very significant patent for the advancement of ... care via digital health.  This landmark patent provides the ... further secures Vivify,s position as the leader in remote ... the first company to apply consumer mobile devices, wireless ...
(Date:4/20/2017)... Research and Markets has announced the addition of the ... Market and Increasing Usage of Complex Biologics during the Forecast Period" ... ... 20 Billion in 2015 to around USD 26 Billion by 2020. ... by Rapidly Expanding Injectables Market and Increasing Usage of Complex Biologics ...
Breaking Medicine Technology:
(Date:4/26/2017)... ST. LOUIS (PRWEB) , ... April 26, 2017 ... ... is designed specifically to improve the profitability of ready-to-drink, high-protein beverages by helping ... an economic alternative to dairy proteins, providing direct cost savings as well as ...
(Date:4/25/2017)... (PRWEB) , ... April 25, 2017 , ... ... support, and collaboration, announces Mirroring360 Pro . This new addition to the ... collaboration experience for education and business. , Mirroring360 Pro enables educators, business professionals ...
(Date:4/25/2017)... ... April 25, 2017 , ... As ... decision-makers are preparing for how his administration could impact the employee benefits industry. ... what changes are most likely to make it through Congress. His discussion will ...
(Date:4/25/2017)... ... April 25, 2017 , ... ... modern procedure that achieves results in a fraction of the time as traditional ... NV, with Significance Dental Specialists, now offers this revolutionary treatment with or without ...
(Date:4/25/2017)... (PRWEB) , ... April 25, 2017 , ... Buyers and ... recreational users to dispensaries and head shops –can’t help but be heartened by the ... the tell-tale cannabis odor aptly described as “skunk smell.” At last they can ...
Breaking Medicine News(10 mins):