SAS 70


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SAS 70

(Statement of Auditing Standards No. 70) An AICPA auditing report for third-party service organizations. Superseded by SSAE 16 in 2011, SAS 70 enabled an independent auditor to review a service provider's controls for safeguarding its customer's data. See SSAE 16.
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An SAS 70 is needed because an erroneous report by the investment firm would result in an erroneous financial statement by the credit union.
Initially, SAS 70 reports were intended to assist in the auditing of third-party service providers whose services affected a company's financial controls.
Verizon Communications Inc (NYSE:VZ) (NASDAQ:VZ), a provider of broadband and other wireless and wireline communications services, reported today that it has successfully completed the annual SAS 70 Type II examination of its cloud computing data centres.
The favorable results of the SAS 70 audit provide strong third-party validation and proves the ability of EastNets to offer secure and reliable SWIFT hosting services," said Hazem Mulhim, CEO of EastNets.
An SAS 70 audit may be performed only by an independent CPA or CPA firm.
There are two types of SAS 70 reports and each provides a different level of assurance.
But the SAS 70 issue is not so easy to resolve, notes Edmonds, who says another service provider also sent Dow an SAS 70 report for 2003 last July, saying that "we would not get the SAS 70 for 2004 until mid-2005.
The Knowledge Group is producing a 2-hour Live webcast to review the fundamentals and provide updates for SAS 70 transformation.
ePlus inc (NasdaqGM: PLUS), a provider of technology solutions, said on 2 December that the company has successfully completed its second consecutive SAS 70 Type II examination for the eProcurement and Content Management solutions provided by its subsidiaries ePlus Systems inc and ePlus Content Services inc.
However, for a variety of reasons, the SAS 70 standard has often been misused, misapplied or ignored in the dozen or so years since its adoption.