Why Have A SAS 70?
SAS 70 is the Statement of Auditing Standards number 70 which is in regards to service organizations. These statements of auditing standards include the frequency of auditing, what one should be looking for during these audits, and the assessment of the service organization. The SAS 70 is being requested or required by more and more customers and business lawyers as time progresses. This is because it is tacked onto other watchdog laws that are supposed to help the economy and other businesses. If the service business were to fail to provide the service requested, the business hiring this company could then flounder and fail. This is why the audits are so important.
To fully understand what the Statement of Auditing Standards number 70 is referring to, one must understand what a service organization is and why it must be audited. A service organization is typically an outsourced company or organization that helps to streamline other businesses by handing certain aspects of their core business functions. These service organizations often focus on the streamlining of the businesses accounting and paperwork, the human resource department,...
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