Regulatory Compliance, Governance and Security » suprise audit http://itknowledgeexchange.techtarget.com/compliance-governance Thu, 10 Mar 2011 15:04:50 +0000 en-US hourly 1 SAS 70 Audit and Compliance | Financial Services are Next in Line http://itknowledgeexchange.techtarget.com/compliance-governance/sas-70-audit-and-compliance-financial-services-are-next-in-line/ http://itknowledgeexchange.techtarget.com/compliance-governance/sas-70-audit-and-compliance-financial-services-are-next-in-line/#comments Fri, 24 Jul 2009 19:53:02 +0000 Charles Denyer http://itknowledgeexchange.techtarget.com/compliance-governance/sas-70-audit-and-compliance-financial-services-are-next-in-line/ SAS 70 Audit and Compliance will soon be entering the financial services and financial sector in a much more in-depth manner in the coming years. Sure, SAS 70 audits have been widely used on asset accounting, hedge funds, trust establishments, but the push will be much further and deeper in the coming years. Thank Mr. Madoff and his ponzi schemes along with increased regulatory compliance from the Obama administration.

Currently, the United States Securities and Exchange Commission (SEC) is looking into having Registered Investment Advisers being required to have an annual “surprise audit” and/or an “internal control” audit. In short, the default without question will be Statement on Auditing Standards No. 70.

The Obama administration is also looking into many other avenues of regulatory compliance that may include various provisions of additional auditing and oversight. Thus again, SAS 70 Type II audits may very well become quite transparent and well-known in other financial sectors. Let’s wait and see what truly unfolds in the coming months.

Visit the official SAS 70 Resource Guide to learn more about Type I and Type II audits.

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