ATLANTA, Jan. 21, 2020 /PRNewswire/ — Verady, the leading cryptocurrency accounting and audit software company, today announced the company completed its System and Organization Control (SOC) 1 Type 1 certification for its Ledgible platform used for processing blockchain transactions. Verady was founded in 2016 specifically to help audit companies in the cryptocurrency and blockchain space. Since then, the company expanded its services into accounting and are launching tax now that the IRS has released its formal guidance.
“At Verady, we believe it is important for the integrity of the organization to have SOC compliance. Cryptocurrency is new to many and this audit shows Verady has met and exceeded standards set for cryptocurrency accounting, financial reporting, and accounting tools for our customers in the blockchain industry,” said Kell Canty, CEO of Verady. “Further, we are continuing to work with our certifying firm on extending our SOC Audit to include continuous Type 2 issuance as well.”
Accuracy and quality of data is a priority for the company so it can offer a solution that meets high standards and integrity. SOC is a universal framework developed by the American Institute of Certified Public Accountants (AICPA) to verify security compliance and a strong system of internal controls by financial and technological institutions. The report was issued by a leading audit, tax and advisory firm focused on the investment industry. The SOC engagement included a months long, detailed, in-depth examination of Verady’s systems, processes and controls to ensure SOC 1 compliance.
Verady provides cryptocurrency accounting, reporting and verification capabilities through the Ledgible platform. Verady believes traditional accounting systems, firms, and standards are currently lacking functionality around cryptocurrencies. The Ledgible platform is the bridge between cryptocurrencies and traditional financial accounting which is needed to further their acceptance and growth. For more information about Verady please visit verady.com or follow @veradyinfo on Twitter.