Replacing SAS 70: is your organization prepared?
With few significant modifications since it was issued in April 1992, SAS 70 has been the standard when reporting on the effectiveness of service organizations' internal controls over financial reporting. Now, globalization and regulatory changes have prompted the proposal of two new standards that would combine to supersede SAS 70.
By 15 June 2011, Statement on Standards for Attestation Engagements No. 16 Reporting on Controls at a Service Organization (SSAE 16) and its international equivalent, ISAE 3402, Assurance Reports on Controls at a Service Organization, will replace SAS 70. These new standards require that service organizations:
- Assume more responsibility for their reports
- Make formal assertions regarding their controls that may affect their user entities' internal control over financial reports.
Early preparation for these new standards will help your organization reduce the cost of adopting the new standards and reduce the risks of report qualifications. This webcast will help you:
- Identify the steps necessary to prepare for adoption of the standard
- Develop a repeatable process for executing your report responsibilities
- Identify changes that may need to be made to your reports
- Develop a repeatable process for identifying the risks that threaten the achievement of your control objectives and determining whether the controls were consistently applied throughout the period
- Proactively address the changes in the standards with your customers in a positive way to enhance your brand.
In addition to discussing the new standards, we will share leading practices on how companies are leveraging the service organization reporting process to be more than just a compliance activity.
Join our panel as they discuss how the proposed new standards could affect your business and what you can do to prepare.