Bidcactus.com, the oldest US-based penny auction and founding member of the Entertainment Auction Association (EAA) [entertainmentauctionassociation.com], has just recently completed a second audit done by Ernst & Young, LLP.
The Entertainment Auction Association is a nonprofit trade organization for the entertainment shopping (penny auction) industry. Read more about the auditing process and requirements for joining the EAA.
“The EAA is a California nonprofit corporation that formed an industry trade association, with the sole purpose of promoting integrity within the entertainment auction (also referred to as “entertainment shopping” or “penny auction”) industry.”
What’s an Attestation Report? (In case you’re wondering)
An attestation report is a confirmation of the validity of a company’s written statement. In the case of the Ernst & Young report, the examination attestation report, is a report based on an examination providing an opinion of the validity of BidCactus’ claims.
BidCactus’ assertions include the following:
- That “bids on auctions are placed by bona fide users it believes that bids on auctions are placed by bona fide users, with no use of bots, shill bidding or bidding by employees”
- “Winning auctions are fulfilled (i.e.,shipped); and bids are processed in the order received (e.g. “first in first out” basis) without the element of chance.”
Ernst & Young Believes BidCactus’ Assertions to be Fairly Stated.
- “Ernst & Young’s examination was conducted in accordance with attestation standards established by the American Institute of Certified Public Accountants and, accordingly, included obtaining an understanding of BidCactus Online Penny Auction environment, including evaluating and testing the design of controls supporting management’s assertions, and performing other procedures, as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion… In our opinion, management’s assertion referred to above, as of April 30, 2011, is fairly stated, in all material respects, based on the criteria specified by management in Appendix A of the accompanying report.”
BidCactus tells us that they are proud to be audited for the second year in a row.
Have you bid on BidCactus? Join our free entertainment shopping forum to learn more and post about your experiences.
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