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EPAM’s Multiple Development Locations Recognized As Meeting the World’s Leading Standards - SAS 70 Type II certification completed for the three locations in Central and Eastern Europe, while the outsourcing leader becomes a finalist for the International Business Awards in “Best MIS&IT” category
EPAM’s Multiple Development Locations Recognized As Meeting the World’s Leading Standards

 

PRZOOM - /newswire/ - Princeton, NJ, United States, 2008/08/05 - SAS 70 Type II certification completed for the three locations in Central and Eastern Europe, while the outsourcing leader becomes a finalist for the International Business Awards in “Best MIS&IT” category. NYSE: EPAM

   
 
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EPAM Systems, Inc., the leading software engineering and IT Outsourcing (ITO) provider, with delivery centers in Central and Eastern Europe (CEE), announced today that its development center in Kyiv, Ukraine, became an additional outsourcing location meeting the world’s leading security standards. The Kyiv center has been recently assessed for the SAS 70 Type II requirements by Deloitte Co. Ltd., making EPAM the first company in Central and Eastern Europe with three SAS 70 Type II location certifications, including Budapest, Hungary, and Minsk, Belarus, and now Kyiv, Ukraine, with guarantees of the highest operational security levels.

SAS 70, a Statement on Auditing Standards (SAS) No. 70, Service Organizations, was developed by the American Institute of Certified Public Accountants (AICPA) as a method to measure a service organization’s efficiency in providing due controls over sensitive customer data. With the introduction of the Sarbanes-Oxley Act, which defines means of regulating the controls over financial reporting, the Type II SAS 70 report has been identified as the only acceptable method for a third party to assure a service organization's controls and financial transparency. Unlike a Type I report, where the service auditor will express an opinion on controls as of a specific date, in a Type II report the auditor gives an opinion on controls in effect during a particular period of time, making the certification more challenging and meaningful.

Upon the assessment completion, Deloitte’s Enterprise Risk Services Senior Manager Ralph van Uden stated that all controls at EPAM’s Kyiv location were placed in operation, suitably designed, and operating 100% effectively: “The local EPAM team was well prepared and has been very supportive throughout the week to make sure that we could finish our testing in time… We were pleased to see that all controls in scope were tested to be operating effectively.”

As the leading organization, deploying advanced technologies and adhering to the strictest regulatory requirements, EPAM recently completed the beta program for VMware’s Stage Manager, a breakthrough product for accelerating and automating the delivery of applications from staging to production. This and other developments, related to EPAM’s infrastructure and security, contributed to the most recent recognition of EPAM by the Stevie Awards as the finalist in the “Best MIS and IT Organization” category of the 5th annual International Business Awards, with the runner-up Accenture, and the winner British Telecom Group.
“Deploying the IT infrastructure, that meets the stringent requirements for customer data processing, compliant with the world’s leading security and infrastructure standards, is a vital part of EPAM’s enterprise-wide program. It ensures that all our operational facilities apply the same control objectives and management activities, and leverages our investment into our clients’ competitive advantage,” stated Balazs Fejes, EPAM’s CTO. “As the acknowledged software engineering and IT outsourcing leader, EPAM continues to lead within the Central and Eastern European market by setting a high standards bar throughout the region, and worldwide.”

About the AICPA and SAS No. 70, Service Organizations
The American Institute of Certified Public Accountants is the national, professional association of CPAs, with more than 350,000 CPA members in business and industry, public practice, government, education, student affiliates, and international associates. It sets ethical standards for the profession and U.S. auditing standards for audits of private companies, non-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination. The AICPA maintains offices in New York, Washington, Durham, N.C., Ewing, N.J., and Lewisville, Texas.

SAS No. 70, developed by AICPA, provides guidance on the factors an independent auditor should consider when auditing the financial statements of an entity that uses a service organization to process certain transactions. It also provides guidance for independent auditors who issue reports on the processing of transactions by a service organization for use by other auditors.

About EPAM Systems
Established in 1993, EPAM Systems, Inc. is the leading global software engineering and IT consulting provider with delivery centers throughout Central and Eastern Europe (CEE). Headquartered in the United States and serving clients worldwide, EPAM provides software development and IT related services through its 5,000 professionals deployed across client delivery centers in Russia, Belarus, Hungary, Kazakhstan, and Ukraine.

EPAM's core competencies include complex software product engineering for leading global software and technology vendors, as well as development, testing, maintenance, and support of mission critical business applications and vertically oriented IT consulting services for global Fortune 2000 corporations.

EPAM is ranked among the top companies in IAOP's "The 2008 Global Outsourcing 100" and in "2007 Top 50 Best Managed Outsourcing Vendors" by Brown-Wilson Group’s Black Book of Outsourcing. Global Services Magazine recognized EPAM in its "2008 Global Services 100" list as the No.1 company in the "Emerging European Markets" and included EPAM into the global Top 10 "Best Performing IT Services Providers".

 
 
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EPAM’s Multiple Development Locations Recognized As Meeting the World’s Leading Standards

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Contact: Alena Busko 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any EPAM Systems securities in any jurisdiction including any other companies listed or named in this release.

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