Update: The latest audit can be found here.
QuiBids recently completed an independent third-party audit by Grant Thornton in accordance with attestation standards established by the AICPA. The following is taken from The Report of Management:
“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).”
Although we are not surprised by the positive result of the audit, we can’t hide that we are stoked to have such a strong third party professional services firm verify with reasonable assurance that we have internal controls in place to protect our customers and get them the products they deserve. Probably even more so, we’re happy that Grant Thornton is finally done with all of their extensive testing, interviews, and documentation that occupied a big part of our summer!
We strive to give our customers the best possible experience while using our site, but before we can create a fun and memorable experience, we must first earn the trust of our customers. The entertainment retail auction industry is still relatively new to most people, and so our goal is to educate everyone as much as possible about how QuiBids.com works.
Since we launched QuiBids.com, we have worked tirelessly to earn and maintain the trust of our customers, and we hope that these results will simply reiterate our desire to provide a great experience on QuiBids.com.
You can read the entire report released by Grant Thornton.