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SAS 70 Background Developed by the American Institute of Certified Public Accountants (AICPA) Type I Point in time assessment Description of controls presents fairly in all material aspects Controls designed to achieve specific control objectives Type II Specific audit period Description of controls presents fairly in all material aspects Controls designed to achieve specific control objectives Detailed testing of controls effectiveness to provide reasonable assurance 8
Reasons for New Standard Clear confusion on use of SAS 70 - Separate reporting for service organizations that impact financial reporting from those that do not Security, availability, confidentiality, processing integrity, and privacy are more of a concern New regulations such as Sarbanes-Oxley Federal privacy regulations such as GLBA, HIPAA, FERPA, FISMA, etc. Advances in technology (online portals, mobile, cloud, etc.) Increase in outsourcing tasks to service organizations 9
Page 1 and 2: Service Organizations Control (SOC)
Page 3 and 4: Introduction Many companies functio
Page 5 and 6: Service Organizations that need a S
Page 7: Benefits to User Organization User
Page 11 and 12: SOC - Types of Engagements Regardle
Page 13 and 14: SOC 1 Control Objective Examples IT
Page 15 and 16: SAS 70 vs. SSAE 16 Report Date Plan
Page 17 and 18: Preparing for a SOC Review (cont.)
Page 19 and 20: Preparing for a SOC Review (cont.)
Page 21 and 22: Case Study - Risk Assessment Object
Page 23 and 24: During the SOC Review Types of Test
Page 25 and 26: Reporting Types of Opinions Unqual
Page 27 and 28: Management Assertion (additional re
Page 29 and 30: SOC Seals & Logos There are three

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