Lyons HR, LLC, a leading provider of comprehensive HR management solutions for small and medium-sized businesses, announced that it has successfully completed a System and Organization Controls (SOC) 1® Type II examination covering the payroll processing system of its professional employer organization (PEO) service delivery platform. Lyons HR utilized Insyte CPAs based in Birmingham, AL as its SOC 1 auditor due to their strong reputation as a professional services firm focused exclusively on risk management, internal control, and business performance.
Cindy Wyatt, CPA, CFE, CITP, CFF, Managing Member of Insyte CPAs said, “It was an honor to work with Lyons HR on its inaugural SOC examination. We were genuinely impressed by the team mindset and strong culture that was pervasive throughout Lyons HR.”
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A SOC 1 Type II is a report on the controls at a service organization that was established by the American Institute of Certified Public Accountants (AICPA). This report complies with the SSAE 18 auditing standards focusing on the controls of a service organization that are relevant to an audit of a user entity’s financial statements. The standard demonstrates that an organization, such as Lyons HR, has adequate controls and processes in place. Without these best practices, service organizations can negatively impact the validity, completeness, and accuracy of the financial statements of its clients.
Insyte CPAs testing of Lyons HR’s controls included testing of the design and operating effectiveness of their policies and procedures regarding payroll implementation and set-up, master file changes, payroll processing and distribution, payroll tax payments, logical access and change management general computer controls, and other critical operational areas of the business. Upon completion of the examination, Lyons HR received a Service Auditor’s Report with an unqualified opinion demonstrating that its internal control environment meets or exceeds the stringent SOC 1® criteria.
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“The successful completion of our SOC 1® Type II examination provides Lyons HR’s clients with additional assurance that the controls and safeguards we employ to ensure the accuracy of data resulting from our payroll processes are in line with industry standards and best practices. This designation along with our IRS Certified PEO and ESAC accreditations puts Lyons HR in a very select group of PEOs that possess all three,” said Wade Krett, Chief Financial Officer of Lyons HR.
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