Topic _7 PPT - Click to edit Master subtitle style Sas 70...

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Click to edit Master subtitle style 4/23/11 Sas 70 Reports Steph Endres Augustine Forba William Lietz
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4/23/11 How many service auditors does it take to screw in a This issue is currently being addressed by the AICPA and will be discussed in a new statement within the year.
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4/23/11 What is SAS 70? Provides guidance for independent auditors who issue reports on the processing of transactions by a service organization for use by other auditors l Provides guidance to auditors of financial statements of an entity that uses one or more service organizations
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4/23/11 SAS 70 Reports Type I "reporting on controls placed in operation" l Type II "reporting on controls placed in operation“ "tests of operating effectiveness“ Period of about 6 months
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4/23/11 SAS 70 Misconception A popular misconception about SAS 70 is that service organization can become “SAS 70 Certified” l The SAS 70 reports are merely a communication tool that is used by auditors to provide information about the controls of a service organization l SAS 70 reports are restricted reports (not for use by everyone)
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4/23/11 § It provides guidance to service auditors that are engaged to issue a
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