Company Blog



Oct 10

Read the highlights from QuiBids’ second Grant Thornton audit

Posted by Matt Carney under News, QuiBids Employees

grantthornton

Update: The latest audit can be found here.

Last August we received our first audit by the Oklahoma City office of Grant Thornton LLP, an accounting and audit firm that’s headquartered in Chicago. They found that QuiBids is legit! Read for yourself:

“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).”

And:

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

About a month ago, Grant Thornton completed their second audit of our company and that report is now available here on our site. [The previous report can be read in full here.] In addition to reaffirming the two statements above for the second consecutive year, they verified several other claims that we make about the service we provide.

Why is it important for QuiBids to be verified by an independent third party?

Two big reasons. First, this report verifies what our service guarantees: An auction experience with an outcome that is determined exclusively by our customers, thus eliminating the unwelcome element of chance. And because there is no element of chance present, QuiBids does not qualify as gambling, as a matter of law.

Second, it verifies that our internal company infrastructure guarantees that you will receive the product you win in an auction or purchase via Buy Now.  In the past, less reputable penny auction sites have struggled with delivering products won or purchased by customers. We’re not like them! In fact we have an entire Fulfillment department that works every day to make sure you get delivered the products you won or purchased here on QuiBids, and Grant Thornton’s report verifies that.

Moving along, Grant Thornton found reasonable assurance that we maintain effective controls for the following claims:

  • That QuiBids gives you the opportunity to use our Buy Now policy for up to two hours after the conclusion of the auction for the product.
  • That QuiBids will never charge you for anything but the purchase of bids, products, shipping and handling, and applicable taxes.
  • That QuiBids will only request your customer information during registration, login, and the password change process.
  • That QuiBids protects your personal data.
  • That QuiBids processes the bids you place in the auction as they are received, with zero element of chance.

So if you see anybody online saying that QuiBids is fake, or that QuiBids is gambling, then send them the link to this blog post and say “Not so fast!”

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Happy bidding!

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