Energy Advantage Inc.

Energy Advantage Inc.

May 07, 2007 16:01 ET

Energy Advantage Passes CICA Section 5970

Publicly traded companies get added assurance of audit governance

BURLINGTON, ONTARIO--(CCNMatthews - May 07, 2007) - Energy Advantage Inc. can now offer its customers the added assurance that comes with being one of only a few North American providers of energy and environmental management services to pass the Canadian government's strict Section 5970 of the Canadian Institute of Chartered Accountants (CICA). By complying with the CICA 5970 standard - which brings a new set of measures and controls to the auditing of companies - Energy Advantage's accounts payable processes have been in effect 'pre-approved' thereby removing any barriers to the use of their outsourced services.

"Achieving CICA 5970 provides an added level of security that is appreciated, and often required, by corporations all across the country, including our own customers," says Rob Kirkby, President of Energy Advantage. "We manage up to 30% of some of our customers' operating costs so we understand the importance of being 5970 compliant. It is because of this that we saw the need to step up to the plate in terms of proving sound corporate governance."

CICA Section 5970 is an actual set of audit procedures put in place as a result of Canada's Bill 198. It is equivalent to the U.S. SAS 70. CICA Section 5970 is applicable to Canadian companies that outsource some of their functions to service organizations. It requires that the company use a licensed public accountant who reviews and tests the service provider's systems and procedures, and assess the design and implementation of financial reporting controls, and/or to conduct an actual audit of the company's fiscal year.

Energy Advantage received pre-approval status of its internal written controls and procedures, as well an actual audit of the company records for the year ending July 31, 2006.

About Energy Advantage Inc.

Energy Advantage Inc. is a leading North American provider of independent total energy and environmental management services to large commercial, industrial and institutional energy organizations. The company has no financial or operating ties to any utility, energy supplier, or equipment supplier, thereby allowing for the provision of completely objective advice and services to its growing client base.

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