SOURCE: Veramark Technologies, Inc.

Veramark Technologies, Inc.

November 15, 2011 08:00 ET

Veramark Completes SSAE 16 Type 2 Examination Attesting to Effectiveness of Controls Over Telecom Expense Management Services

Examination Covers Veramark's TEM Managed Services for Invoice and Dispute Management

ROCHESTER, NY--(Marketwire - Nov 15, 2011) - Veramark Technologies, Inc. (OTCQB: VERA) (PINKSHEETS: VERA), a leading provider of Telecom Expense Management (TEM) solutions, has announced the successful completion of an SSAE 16 Type 2 examination attesting to the effectiveness of Veramark's TEM process controls relevant to the financial reporting needs of the company's managed services clients.

The SSAE 16 (Reporting on Controls at a Service Organization) Type 2 provides organizations that outsource telecom invoice and dispute management to Veramark with visibility to the controls governing performance of these services. The scope of the examination included Veramark's controls in areas of computer operations, information security, application change control, data communications, and invoice and financial management.

"We are very pleased to have completed this examination," said Tom McAlees, Veramark's Senior Vice President of Engineering and Operations. "It provides our growing TEM customer base with an extra measure of confidence that our managed services meet the highest standards of reliability and security."

Veramark retained BrightLine CPAs & Associates, Inc., an independent CPA firm, to perform the SSAE 16 Type 2 for the period from April 1, 2011, to September 30, 2011. Veramark will perform the SSAE 16 Type 2 examination annually to provide ongoing assurance of the effectiveness of Veramark controls over the company's TEM managed services.

About Veramark Technologies, Inc.
Veramark is a leading provider of innovative cost management solutions that help enterprises reduce operational expenses associated with their mobile and fixed communications networks and ensure that these networks are used appropriately. Veramark solutions for telecom expense management, which include call accounting solutions, drive down costs by eliminating waste, identifying billing errors, and optimizing programs for mobile, voice and data communications. Veramark solutions enable enterprises to spend less for the telecom services they need to support their business. For more information, visit

Veramark, VeraSMART, and eCAS are registered trademarks of Veramark Technologies, Inc. All other trademarks are the property of their respective owners.

This report may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. A variety of factors could cause actual results to differ from the anticipated results expressed in such forward-looking statements. These may include but are not necessarily limited to changes in general economic conditions in the United States and overseas, technological changes in the telecommunications or computer industries, the timely and successful launch of planned new products, the timely installation and acceptance by end-user customers, and the impact of competition or changes in the marketing strategies of major distributors.

Contact Information

  • Media Contact:
    Denise Chapman
    Vice President of Marketing
    Veramark Technologies, Inc.
    (585) 383-6683
    Email Contact