SOC 1 Type 2

SOC 1 Type 2

Abrantix AG  has successfully completed a System and Organization Controls (SOC) 1® Type 2 audit for ReconHub. 

What is SOC 1 Type 2?

A SOC 1 Type 2 report confirms that the controls defined in ReconHub for finance-relevant processes exist, are properly documented, and have been independently assessed by an external auditor as of the reporting date. This gives customers and partners the confidence that a solid foundation for reliable operations is in place.
Type 2 means that the auditor has not only assessed the design of the controls, but also tested their actual effectiveness over a defined period of time - in this case twelve months.
This is particularly important for ReconHub as a payment reconciliation system (PRS). Why? Because ReconHub acts as a subsystem between your operational transaction systems (cash registers, payment service providers) and your general ledger. The quality and reliability of these reconciliation processes has a direct impact on your financial reporting.

Tested Control Areas

  1. Data security & access
    Controlled user access and permission management
  2. System availability
    Integrity of reconciliation processes and system stability
  3. Financial interfaces
    Secure integrations with ERP systems and banks
  4. Change management
    Structured system changes and version control
  5. Incident handling
    Error detection and systematic issue resolution
  6. Audit-trails
    Audit-proof documentation of all processes

What a Type 2 Report Delivers

The report describes the ReconHub system and its control environment in detail. It is typically divided into several sections:
  1. Management assertion
    Description of the system and the controls provided by Abrantix
  2. Independent auditor’s report
    Assessment of the adequacy of the controls as of the reporting date
  3. Description of the control environment
    Process documentation, control activities, IT systems

Benefits for Your Company

  1. Efficiency gains in the annual audit
    Your auditor can rely on the SOC 1® Report instead of having to audit ReconHub themselves. This saves time and therefore audit costs.
  2. Reduction of audit risk
    The documented effectiveness of the controls in ReconHub reduces the inherent risk in your financial reporting. Your auditor needs to test fewer compensating controls on your side.
  3. Evidence of compliance
    For regulated industries or listed companies, evidence of effective controls at critical service providers is often mandatory. The SOC 1® Report fulfills this requirement.
  4. Confidence in data quality
    You know that the reconciliation results from ReconHub are based on controlled processes - not undocumented black box logic.
  5. Risk management
    The report also identifies the so-called Complementary User Entity Controls (CUEC) - these are controls that you as a user should implement in order to create a complete control environment together with ReconHub's controls.

Availability

As a ReconHub user, you should actively incorporate the SOC 1® Type 2 Report into your year-end audit. The full SOC 1 Type 2 report is available upon request under NDA for customers, auditors, and partners.
You can find more information in our blog: ReconHub Receives SOC 1 Type 2 Report.

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