London, 30 September 2021: Tungsten Corporation plc, a leading provider of digital financial management products and software solutions, is pleased to announce that it has been awarded the International Standard on Assurance Engagements (“ISAE”) 3402 accreditation.
Issued by the International Auditing and Assurance Standards Board, the ISAE 3402, also known as a control report, has been developed specifically for outsourcing activities that are related to the financial reporting of the client. Outsourcing has become an increasing trend internationally and some businesses rely on a number of suppliers. This can result in companies losing visibility on key controls in business process and compliance that have a direct impact on their financial reporting. These standards are primarily designed as an accountability report by the service organisation to the financial auditor of the client.
By successfully completing the ISAE 3402 audit, Tungsten can assure its clients that best practice and compliance is adhered to while using the Tungsten Network and bring confidence when transacting through its platform.
Paul Cooper, CEO of Tungsten Corporation, said, “Going through an ISAE 3402 audit has been a demanding process which we are pleased to have come through successfully. We strive to offer our clients the best experience in the market and this is another way of demonstrating our commitment. We believe this accreditation demonstrates a level of security and illustrates the trust our customers can put in us as a partner.”
|Canaccord Genuity Limited (Broker and Nominated Adviser)
+44 20 7523 8000
|Tavistock Communications Financial PR & IR
+44 20 7920 3150
About Tungsten Network
Tungsten Corporation is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.