One of the first integrated Indian HR service provider
02.Nov.2012 New Delhi: PeopleStrong HR Services Pvt. Ltd. recently completed a SSAE 16 (SAS70) assessment following an intensive, independent audit by Ernst & Young, a provider of assurance, tax, transaction and advisory services. With this audit, PeopleStrong becomes one of the first integrated Indian HR service providers to be successfully assessed on SSAE16.
The new SSAE 16 standard is intended to replace an aging SAS70 standard with one that keeps pace with the growing push towards more globally accepted international accounting standards.
PeopleStrong had engaged E&Y to carry out the SOC1 examination under SSAE16 issued by the American Institute of Certified Public Accountants (AICPA) for the period February 2012 till July 2012. The sample processes under audit were from the Payroll Services, Recruitment Shared Services Centre (RSSC) and Human Resource Shared Services Centre (HRSSC) verticals; in addition, certain related Information System General controls were also tested
SSAE 16 is the new attestation standard put forth by the Auditing Standards Board (ASB) of the AICPA. The SOC1 (SSAE16 Type II) audit is widely recognized for the intensive scrutiny it puts service organizations through in terms of their control activities related to information technology and related processes. It provides customers with guaranteed security and reliability for their systems.
Various controls related to logical access, physical security, back-up recovery, secure data storage, etc. are checked to ensure risks related to data security are mitigated. As an HR partner PeopleStrong is a holder of critical information belonging to clients and the SSAE16 assessment provides its clients the opinion of a third party on operating effectiveness of controls. PeopleStrong now plans to undertake the SSAE16 assessment annually and reports will be shared with clients on a regular basis.
“The successful completion of the SSAE 16 assessment is an important component of PeopleStrong’s commitment to exceeding the expectations of our customers in regards to operational quality, compliance and financial reporting”, said Vishal Saha VP Technology and Quality, PeopleStrong.
PeopleStrong HR Services:
PeopleStrong HR Services is a leading integrated HRO Player focusing in Asia Pac market on web based HRMS solution and RPO solutions. Our research on attrition, compensation, and workforce trends establishes the ‘Thought leadership’ in HR market across various Industry verticals. The delivery engine of the firm manages end to end lifecycle; and ‘centralized’ as well as ‘distributed’ Pin-code hiring models.
We service clients in BFSI (banking, financial services, insurance), Education, Pharma and IT verticals for Indian MNCs and India business of global majors. PeopleStrong has done over 20 implementations which services more than 1.5 lac employees across these companies and hire 40000 people through the Recruiting solutions. This directly impacts the way HR is delivered in the organization with increased effectiveness and superlative employee experience and ultimately leading to a cost advantage of 20%-40% for HR budget over a period of 3-4 years.
About SSAE 16
SSAE 16 represents an adoption of globally accepted accounting principles. SSAE 16 Type I and Type II reports under the SOC 1 reporting framework represent an effort by the AICPA to ‘report on controls’ related to financial matters. SSAE 16 Type I and Type II reports are for service organizations that are undertaking activities and procedures that have the potential to directly impact a client’s financials.
Payroll and HR are at the core of every organization. With new-age workforce distributed across geographies, organizations are grappling with multiple payroll processes, numerous pay-components, and inconsistent tax and compliance handling. Alt Payroll provides intelligent payroll management solution for building smarter workplaces.
Get in touch with our payroll and compliance executive to know more about Alt Payroll and how we can manage your payroll better.
PeopleStrong’s Recruitment Technology (Alt Recruit) is a smart, scalable and one-stop recruitment solution for hiring the top talent. It is not merely an Applicant Tracking System (ATS), rather is AI-enabled, Unified, Intuitive and Intelligent recruitment platform which powers end-to-end hiring processes of 100+ organization across the globe. It is integrated with 50+ candidate sourcing channels, processes over 1 million candidates per year and rolls out 60,000+ joining offers per year.
Get in touch with our recruitment solutions executive to know more about Alt Recruit and how we can manage your Recruitments better.
