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 (“Deloitte”). 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 at Yardi.
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, as well as a description of the audit tests performed by the independent auditor, generally for a minimum coverage period 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 at Yardi. In contrast, a SAS 70 Type I report 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 the operating effectiveness of controls are not drawn.
About SAS 70
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 discloses 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 in 136 countries.
With access to the deep intellectual capital of 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. For more information about Deloitte, visit www.deloitte.com.
Trade Media Contact: Joel Nelson 805.699-2040, ext. 1255