QuiBids Completes Independent Audit by Grant Thornton LLP

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Penny auction QuiBids.com just completed an independent third-party audit in accordance with attestation standards established by the American Institute of Certified Public Accountants,  on August 10th, 2011  by Grant Thornton LLP, CPA  in Oklahoma City.

Grant Thornton examined QuiBids’ report and provided the opinion that QuiBids’ assertions are fairly stated, in all material respects. 

The Report of Management states the following:

“QuiBids maintains effective controls to provide reasonable assurance that bids are placed by bona fide users and does not manipulate the bidding process to inflate the bid price or affect who wins the auction (no use of bots, shill bidding or bidding by employees).

“QuiBids maintains effective controls to provide reasonable assurance that winning auctions and “Buy Now” orders are fulfilled (i.e. shipped).”

For each assertion, QuiBids management has defined specific criteria indicating how QuiBids meets the assertions. These criteria are listed below:

Assertion #1

QuiBids maintains effective controls to provide reasonable assurance that bids are placed by bona fide users and does not manipulate the bidding process to inflate the bid price or affect who wins the auction (no use of bots, shill bidding or bidding by employees).

Criteria

1. Standard policies have been developed and implemented regarding employee conduct, awareness and responsibilities associated with bidding.

2. Procedures have been developed and are operating to restrict employees and non- registered users from bidding, in accordance with disclosed business practices.

3. Procedures have been developed and are operating to monitor the authenticity of bidding activity.

4. Procedures have been developed and are operating to investigate unusual bidding activities and take appropriate action when necessary.

5. Policies have been developed and disclosed to registered users regarding authenticity of user bids placed on auctions.

Assertion #2

QuiBids maintains effective controls to provide reasonable assurance that winning auctions and “Buy Now” orders are fulfilled (i.e. shipped).

Criteria

1. Policies have been developed and disclosed to registered users regarding the shipment of items won via auction or “Buy Now” orders.

2. Policies have been developed and implemented that define employee responsibilities for the shipment of winning auctions or “Buy Now” orders.

3. Procedures have been developed and are operating to monitor winning auctions and “Buy Now” orders and to ship the items once payment has been verified.

4. Procedures have been developed and are operating to confirm items won via auction and “Buy Now” orders are shipped in accordance with the Company’s disclosed business practices.

5. Procedures have been developed and are operating to investigate and resolve customer complaints/issues that arise related to the shipment of items won via auction or “Buy Now” orders.”

Read the entire report, click here. QuiBids_Grant Thornton-FINAL Report_2011.

Discuss QuiBids.com and all things pertaining to online pay-per bid penny auctions in the Penny Auction Watch forum.

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