Rigorous audit validates Auxilius as a trusted clinical trial financial management platform, a key element of compliance and assurance of controls for the highly regulated life sciences industry.
NEW YORK -- Auxilius, the most widely used platform for clinical trial financial management, announced that it has successfully completed the Service Organization Control (SOC) 1 Type 2 audit. Conducted by Geels Norton PLLC, an independent data security compliance and advisory firm, the audit provides transparency relative tothe control environment ofAuxilius, meeting the high bar forSOC 1 (Type 1 and 2) strict standards for controls relevant to a customer's financial reporting.
Life science companies operate in a highly regulated industry and increasingly leverage cloud-based SaaS software to automate activities that are core to financial business operations. Auxilius’ SOC 1 Type 2 report validates the existence of internal controls, designed, and implemented to meet the requirements around the suitability of the design and effectiveness of controls as established by the Trust Services Principles and Criteria for Security.
Auxilius is proud to provide life science innovators with trust and transparency into operating processes, data storage, confidentiality, security, privacy, and controls.
“Obtaining the SOC 1 Type 2 certification is one of the many ways we demonstrate our fidelity to customers, as we are committed to supporting financial and accounting workflows with system applications that are pressure-tested and audit-ready.” says Adam Weisman, CEO and Co-Founder at Auxilius. “Completion of the latest SOC report formalizes Auxilius’ long-standing commitment to maintaining the highest level of internal control over financial reporting and related processes.”
In addition to SOC 1 Type 1 and 2 compliance, Auxilius continues to enhance its core platform with features that directly support the configuration and documentation of internal processes and controls, audit preparation, and reporting. As life science companies increasingly leverage the Auxilius platform for enhanced control, accuracy, and efficiency in the end-to-end clinical trial finance and accounting continuum, reinforced trust, internal control of financial reporting and data integrity is of utmost importance.
Auxilius is a software company designed to address the unique operational, financial, and accounting needs of clinical trials. The company has built FP&A and Accounting software that replaces manual processes and allows sponsors to take control over trial costs and clinical vendors through study-level budgeting, planning and financial close. Currently, the company works with nearly 30 sponsors including emerging Biotech and mature, public Pharma.