Posted by: Charles Denyer
regulatory compliance, Sarbanes-Oxley, SAS 70, SAS 70 download, SAS 70 readiness questionnaire, sas70, sas70 sample reports
SAS 70 audits are being performed on many service organizations in today’s growing regulatory compliance economy. From federal legislation, such as Sarbanes-Oxley to HIPAA, the SAS 70 auditing standard has been pushed to the forefront of the business arena. It’s becoming such a big requirement now that many request for proposals (RFP) are demanding that a service organization be SAS 70 compliant for even bidding on work or submitting a proposal.
So let’s erase some myths and misconceptions about the SAS 70 auditing standard. First and foremost, the audit can be done in an efficient, cost effective manner, provided you find a firm that has a good working knowledge of the SAS 70 auditing standard AND your industry. Put both of those variables together, and you should get a good fee from a quality auditor who truly knows what they are doing.
Secondly, you don’t have to do a SAS 70 Type I first if you need a SAS 70 Type II. Why waste thousands of dollars on a Type I when it’s not really what you needed? Some CPA firms will try and sell you the full package, often including a Type I by stating its needed to begin the audit process. What you need to start with instead is a SAS 70 Readiness Assessment, which will get your organization up to speed and ready for the actual SAS 70 Type II audit.
Lastly, SAS 70 audits can be a reasonable financial proposition, if you use a firm with experience that has a working, scalable model, resulting in efficiency and cost-effectiveness.