Date Posted: 1/4/2007
Yardi Receives Unqualified SAS 70, Type II Report
SANTA BARBARA, CA -- December 18, 2006 -- Yardi Systems, the global leader in asset and property management software, has completed its 2006 SAS 70 Type II audit by Deloitte Touche Tohmatsu. The opinion from Deloitte was unqualified. An "unqualified" auditor's opinion for a SAS 70 Type II review is the most desired outcome, and indicates that all control objectives specified by the service organization were achieved without a significant exception or deficiency. "This report illustrates our continued commitment to our publicly traded clients as they navigate the complexities of the Sarbanes-Oxley Act and the challenges of regulatory compliance and drives us to continue to adopt and maintain auditable, documented processes", says Terri Dowen, Sr. Vice President, Sales.
Yardi worked with Deloitte to audit control activities for the period of October 1, 2005 through September 30, 2006, including Yardi's internal control processes and site operations. In keeping with its role as an industry leader, Yardi Systems in the only real estate software provider to conduct three consecutive SAS 70 Type II audits.
The SAS 70 Type II report, obtained by Yardi Systems, includes a description of the service organization's controls and safeguards when hosting customer financial data, and includes a description of the audit tests performed by the independent auditor, generally for a minimum period of coverage of six months. Unlike many other software providers, Yardi has continually opted for a twelve month coverage period. "The twelve-month, Type II audit provides the accuracy and reliability necessary to ensure that our clients' year-end attestation is not compromised. A six-month audit is not sufficient in our opinion, as it would leave room for slip-ups that would greatly impact the accuracy of year-end data", says Scott Wiener, Vice President of Information Technology.
A SAS 70 Type I report, in contrast, only lists the service organization's description of controls as of a point in time and the auditor's assessment is limited to whether the controls were placed in operation and are suitably designed. Controls on operating effectiveness of controls are not drawn.
SAS 70 (Statement on Auditing Standards No. 70) is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) and is identified in Section 404 of the Sarbanes-Oxley Act to assist public companies reliant on service organizations for functions related to financial reporting. A SAS 70 report reports on a service organization's control activities -- including controls over IT and related processes.
About Deloitte Touche Tohmatsu
Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein (association), its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of approximately 135,000 people worldwide, Deloitte delivers services in four professional areas -- audit, tax, consulting, and financial advisory services -- and serves more than one-half of the world's largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies. Services are not provided by the Deloitte Touche Tohmatsu Verein, and, for regulatory and other reasons, certain member firms do not provide services in all four professional areas.
As a Swiss Verein (association), neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other's acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names "Deloitte," "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other related names.
In the U.S., Deloitte & Touche USA LLP is the member firm of Deloitte Touche Tohmatsu, and services are provided by the subsidiaries of Deloitte & Touche USA LLP (Deloitte & Touche LLP, Deloitte Consulting LLP, Deloitte Financial Advisory Services LLP, Deloitte Tax LLP and their subsidiaries) and not by Deloitte & Touche USA LLP. The subsidiaries of the U.S. member firm are among the nation's leading professional services firms, providing audit, tax, consulting, and financial advisory services through nearly 30,000 people in more than 80 cities. Known as employers of choice for innovative human resources programs, they are dedicated to helping their clients and their people excel.
About Yardi Systems
Yardi Systems, Inc. is the global leader in the design, development, and support of integrated Asset and Property Management software for organizations of all sizes. For more than 22 years, our technology and services have led the industry through responsiveness and innovation, becoming the premier application for real estate software solutions worldwide. Our software is client-driven and serves more than 15,000 businesses, corporations, and government agencies, representing more than 5 billion square feet of commercial space and 5 million residential units globally.
Yardi Systems enjoys a customer base that incorporates some of the world's leading international companies, including: Cushman & Wakefield, Prologis, CBRE, Colliers Turley Martin Tucker-Clayton, Sachsenfonds, and Erinaceous Group plc.
Headquartered in Santa Barbara, California, Yardi Systems is a privately held corporation with offices throughout the United States, Canada, Europe, Asia, and Australia. More information about Yardi products and services may be found by visiting www.yardi.com.
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