PEER 1 completes SAS 70 Type I audit for Managed Hosting

VANCOUVER, BC  (Gawkwire.com) PEER 1 Network Enterprises, Inc. (TSX:PIX), a global online IT business hosting provider, has completed Type I examination in conformity with the American Institute of Certified Public Accountants (AICPA) Statement on Auditing Standards No. 70 (SAS 70) for Service Organizations.

Completion of the SAS 70 Type I audit indicates the successful examination of PEER 1’s processes, controls and procedures, pertaining to managed hosting services and the general computer controls at the Miami and Atlanta data centers, by the independent accounting and auditing firm Deloitte & Touche LLP. The formal examination entailed obtaining reasonable assurance that PEER 1’s properly described, documented and implemented controls were relevant to the user organization’s internal controls as they relate to their audited financial statements; and that such controls had been put in place as of May 30th, 2009.

The examination by the independent auditor entailed reviewing PEER 1’s internal control activities related to managed hosting services provided to customers including management of operations and monitoring, system security measures, change management, management of problems and incidents and management of data and backups.

SAS 70 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for a user organization's management to obtain assurance about the service organization's internal controls without conducting customer-specific assessments.

A service auditor's examination at a point in time (Type I) performed in accordance with SAS No. 70 (SAS 70 Audit) is widely recognized, because it represents that a service organization has been through an in-depth audit of the design and implementation of their control objectives and control activities, which included controls over information technology and related customer facing processes.

PEER 1 has future plans to obtain a Type II report and has plans to expand the scope of the examination to cover other locations and service offerings.

PEER 1’s SAS 70 audit also underscores the company’s ongoing commitment to service excellence through its 100% uptime service level agreement and its disciplined approach to data center management and network control.

Jad Jebara, VP, Finance and IT at PEER 1 commented, “All service providers, no matter what industry, have a responsibility to manage internal processes efficiently, effectively and with a high level of transparency. This is especially important when a company hosts or processes customers’ data – as we do at PEER 1. Completing SAS 70 audit means that all PEER 1 customers can be sure that they will get a safe, reliable service that is managed in controlled manner.”