World Standards Day 2024: How Our IC Accounting Software Complies
Every year on October 14th, World Standards Day comes around. It’s a time to acknowledge the importance of international standards in ensuring safety, security, quality, and efficiency across industries — and to celebrate the work of everyone who develops these standards.
Organizations today need partners they can trust to meet rigorous benchmarks, especially when handling critical operations like intercompany reconciliation and financial reporting. After all, adhering to standards is not about checking boxes but building trust, ensuring data security, and delivering reliable results.
This is where Virtual Trader excels. Read on to learn how our intercompany accounting software complies with today’s most critical standards.
ISO 27001 and SOC 1 & 2 Certifications
Our IC accounting software is certified to the ISO 27001 standard for information security management and SOC 1 & 2 Type 2 compliance for financial and operational controls.
ISO 27001 Certification
This globally recognized standard for information security management systems (ISMS) ensures that our intercompany software has robust protocols in place to protect your organization’s sensitive data.
The framework for ISO 27001 compliance requires organizations to establish, implement, operate, monitor, review, maintain, and continually improve their ISMS.
To be precise, it defines controls relating to the following 14 areas:
- Information security policy
- Organization of information security
- Risk assessment and treatment
- Asset management
- Access control
- Cryptography
- Physical security
- Operations security
- Communications security
- System acquisition, development, and maintenance
- Supplier relationships
- Compliance with legal requirements and industry standards
- Information quality management
- Risk monitoring and review
Ultimately, compliance with this standard confirms that an organization’s information security management is aligned with best practices.
SOC Certification
Service Organization Control (SOC) standards are developed by the American Institute of Certified Public Accountants (AICPA).
SOC 1 Compliance
SOC 1 pertains to internal controls around financial reporting. Compliance is proof that an organization’s interaction with — and transmission and storage of — their customers’ financial statements is secure.
The framework requires compliance in five areas: the control environment, risk assessment, control activities, information and communication, and monitoring.
Under these areas are specific controls such as access controls, change management, backup and recovery, and disaster recovery planning.
SOC 2 Compliance
SOC 2 certification goes a step further, ensuring that systems uphold principles of security, availability, processing integrity, confidentiality, and privacy.
SOC 1 is important for any company that handles financial data, whereas SOC 2 is especially important for technology companies.
Together, these certifications offer multinational corporations confidence that their data is in safe hands and their financial reporting will be seamless and compliant.
World Standards Day 2024 Theme
World Standards Day was developed by the IEC, ISO, and ITU. This year’s theme is “shared vision for a better world.”
The theme is linked to various Sustainable Development Goals (SDGs) that address social imbalances and the development of a sustainable economy.
This year — and in subsequent years — World Standards Day will focus on the role of international standards in achieving these SDGs.
Conclusion
At Virtual Trader, we’re proud to deliver leading intercompany solutions that meet global benchmarks. Our ISO 27001 and SOC 1 & 2 certifications are a testament to our commitment to security, transparency, and compliance — key factors that make us the perfect partner for global businesses working with complex financial regulations.
In practical terms, our adherence to these standards means smoother audits, fewer discrepancies, and greater peace of mind for your finance teams. In turn, you can focus on what matters most — your core business activities.
To learn more about our solutions or to request a demo, contact us today.
