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NetSuite OneWorld Is The First Production SaaS Business Suite To Earn Financial Certification In Germany

June 29, 2009 by  

Webmaster ToolsSAN MATEO, Calif. — NetSuite Inc. (NYSE: N), a leading vendor of cloud computing and integrated business software suites, today announced that NetSuite and NetSuite OneWorld have become the first generally available Software as a Service (SaaS) business management suites to be certified by the German Institute of Auditors (Institut der Wirtchaftsprüfer in Deutschland e.V.). The certification validates NetSuite suitability for use in regional divisions of multinational companies with operations in Germany, or for use by companies headquartered in Germany. NetSuite OneWorld is a complete business application with capabilities that span business functions across the enterprise from Customer Relationship Management (CRM) to Enterprise Resource Planning (ERP) and Ecommerce , and offers businesses the opportunity to lower operating costs and eliminate capital expenditures associated with on-premise systems by moving key business processes to the Cloud.

The certification of NetSuite and NetSuite OneWorld for Germany is based on the German Auditing Standard 880, “Issue and Use of Software Attestation Reports” (IDW PS 880) issued by the Institute of Public Auditors in Germany (IDW), ensuring compliance with Commercial Code (Handelsgesetzbuch), tax regulations defined in the Fiscal Code (Abgabenordnung), IDW Accounting Principles and generally accepted EDP-supported accounting and bookkeeping systems (GoBS). In principle, the Standard requires systems to provide controls, audit trail and reporting capabilities sufficient for a business to deploy Sarbanes-Oxley–like policies and procedures. The audit also covered the extraction of defined master data and transactional data from the system database into external files, allowing data relevant for taxation to be analyzed outside of NetSuite with standardized audit software routinely used by the German tax authority.

Software certification audits in Germany can only be carried out by certified public accountants or auditing firms (known locally as “Wirtschaftsprüfungsgesellschaft”). The law requires these firms to have formal approval from Germany’s National Chamber of Accountants (“Wirtschaftsprüferkammer”) and be majority owned by a firm of chartered accountants. NetSuite’s certification was carried out by IT AUDIT, a qualified chartered accountants firm that specializes on controls in IT Systems and Processes. Its engagement by NetSuite is governed by the General Engagement Terms by which all audit firms must abide.

“NetSuite performed very well against all of our evaluation criteria, based on the legal requirements, and we’re happy to certify it for use in Germany,” said Heiko Jacob, Partner at IT AUDIT GmbH.

“The rigorous audit certification represents an important, independent test of NetSuite OneWorld and further establishes NetSuite as the leading choice for companies seeking a complete cloud-based business suite for their companies in Germany and across Europe,” said Zach Nelson, CEO of NetSuite.”

More than 40 NetSuite customers, either with headquarters located in Germany or whose subsidiaries are based in Germany, are already enjoying the benefits of NetSuite and NetSuite OneWorld.

For more information about NetSuite, please visit www.netsuite.com.

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