BidCactus Proves Legitimacy has officially proven their legitimacy!

Bidcactus has just completed examination in accordance with AT-101 by Ernst & Young, Attestation Standards, of the American Institute of Certified Public Accountants (“AICPA”), as of April 15, 2010.

bidcactus audited ernst young

View Ernst & Young’s “Report of Management on the Bidcactus Online Penny Auctions.”

From the report:

“With regard to its responsibility for operating the Online Penny Auction website, management of Bidcactus LLC believes that as of April 15, 2010:

1. Bidcactus LLC maintained effective controls to provide reasonable assurance that bids are placed by bona fide users, with no use of bots, shill bidding or bidding by employees.

2. Bidcactus LLC maintained effective controls to provide reasonable assurance that winning auctions were fulfilled (i.e., shipped).”

If you haven’t heard of Ernst & Young it’s important to know that they are one of the Big Four auditors, along with PricewaterhouseCoopers (PwC)Deloitte and KPMG.

From BidCactus’ official press release:

“This examination is important as it is a testament by Bidcactus management that Bidcactus employs controls to provide reasonable assurance that prevent the use of bots, shill bidders, or hidden reserves, and validates that auction wins are fulfilled.  Bidcactus initiated the examination to create an unprecedented level of transparency and accountability for the Company within the industry.

“Bidcactus is thrilled to be the first and only online penny auction site to have its business practices validated by an independent examination,” said Marjorie Greenberg, Bidcactus COO.

“We are pleased to be able to share this important distinction in the online penny auction arena with our customers and online auction enthusiasts.

Getting audited by a reputable third-party auditing and accounting firm like BidCactus has just done, shows that they are willing to contribute to further legitimize the penny auction industry.

We applaud them for this and encourage all other legit online penny auction sites to do the same.

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9 comments… add one
  • Michael Shah November 26, 2010, 12:50 am

    Is BidCactus really legitimate???

    I bid so many times and never win anything and buy over $200 bidpack. Always someone outbid me at last second and I waste all bids. Is this shill bid site? Legitimate? I don’t know?

    How come if bid cactus so good I don’t win anything. Please explain. How do I win at bid cactus?

    Is it more like bid thorny rose? Not bid winner?

  • Matthew Adams December 7, 2010, 6:03 pm

    I got a newspaper article popup today about a site called BidCactus. I signed up and I got charged $75 but I don’t ever remember consenting to this. I thought I only pay when I win. I don’t think the newspaper was even a real newspaper. This is deceptive advertising!

    To top things off, whenever I bid on an auction, the same two or three people kept on bidding with what seemed like an infinite supply of bids. I couldn’t win anything!

    This BidCactus thing sure sounds like a scam. Do you know how I can get my money back?

    • Amanda December 9, 2010, 1:28 pm

      Can you post a link to this ad?

  • emma December 20, 2010, 9:33 pm

    Ernst & Young audits books not software – shill bots. you would need a third party programmer to audit the site.

  • Christian Lamptey September 6, 2012, 3:53 am

    I tried to sign up tp participate in the bidding and your system charged my credit card with an amount of $75.00 plus shipment fee. How smart is that? I need my account credited back with confirmation, please. the most annoying part is that you did not even send email confirmation of what services you provided, your interest was just to take my money. I need my money back

  • Wally Siberian September 6, 2013, 3:17 pm

    The E&Y report, if you know how to read it, says absolutely nothing. It was based on low volume sampling of records. “Reasonable assurance” is no assurance at all. E & Y was paid by Bid Cactus to prepare the report. If E & Y concluded the site is a consumer fraud (it is) the report would never have been released to the public. Do you think “Collegeboy”, “PoorMax”, “Vegasnut198”, “Pounder”, “BIDSTOTHEMAX”, “Punkbidder” and the other “users” who place tens of thousands of bids a month are real people?


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