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30 Sep 2021 07:07
30 September 2021
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This is a Reach announcement and the information contained is not considered to have a significant impact on management's expectations of the Group's performance. Reach is an investor communication service aimed at assisting listed and unlisted (including AIM quoted) companies to distribute non-regulatory news releases into the public domain. Information required to be notified under the AIM Rules for Companies, Market Abuse Regulation or other regulation would be disseminated as an RNS regulatory announcement and not on Reach.
Tungsten Corporation plc
("Tungsten" or the "Company")
ISAE 3402 Accreditation
Tungsten Corporation plc (AIM: TUNG), a leading provider of digital financial management products and software solutions, is pleased to announce that it has been awarded the International Standard on Assurance Engagements ("ISAE") 3402 accreditation.
Issued by the International Auditing and Assurance Standards Board, the ISAE 3402, also known as a control report, has been developed specifically for outsourcing activities that are related to the financial reporting of the client. Outsourcing has become an increasing trend internationally and some businesses rely on a number of suppliers. This can result in companies losing visibility on key controls in business process and compliance that have a direct impact on their financial reporting. These standards are primarily designed as an accountability report by the service organisation to the financial auditor of the client.
By successfully completing the ISAE 3402 audit, Tungsten can assure its clients that best practice and compliance is adhered to while using the Tungsten Network and bring confidence when transacting through its platform.
Paul Cooper, CEO of Tungsten Corporation, said, "Going through an ISAE 3402 audit has been a demanding process which we are pleased to have come through successfully. We strive to offer our clients the best experience in the market and this is another way of demonstrating our commitment. We believe this accreditation demonstrates a level of security and illustrates the trust our customers can put in us as a partner."
Enquiries
Tungsten Corporation plc Paul Cooper, Chief Executive Officer Ian Kelly, Chief Finance Officer
| via Tavistock
|
Canaccord Genuity Limited (Broker and Nominated Adviser) Simon Bridges/Andrew Potts
| +44 20 7523 8000
|
Tavistock Communications Financial PR & IR Heather Armstrong Jos Simson Katie Hopkins | +44 20 7920 3150 |
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) is the world's largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten's mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.
Forward looking statements
This document contains forward-looking statements that may or may not prove accurate. For example, statements regarding expected revenue growth and trading margins, market trends and our product pipeline are forward-looking statements. Phrases such as "aim", "plan", "intend", "anticipate", "well-placed", "believe", "estimate", "expect", "target", "consider" and similar expressions are generally intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Tungsten as of the date of this statement. All written or oral forward-looking statements attributable to Tungsten are qualified by this caution. Tungsten does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances or in Tungsten's expectations.
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