IFRS and the new accounting guidelines? SAS 70

Finally, international accounting standards are being implemented. Even though this will cause some upfront additional expense for companies to conform, in the long run, you will be better able to evaluate the financial stability of companies worldwide. Will this mean SAS 70 audit requirements will also be international?

In Canada currently they have similar SAS 70 audit legislation, but in Europe they do not. If America continues to outsource our financial, medical and application processing, don’t you think that European countries should have a SAS70 audit? If you bank at Citigroup, your help desk may reside in India. Without the SAS 70 audit standard being applied in India, will your financial data be safe? Someone could steal your identify and funds from a server in India; is there enough regulation to help you, especially when you need to purchase your Christmas gifts tomorrow?

As we continue to become a one-world economy, we must take fundamental steps to institute standards to protect our basic financial interests. This includes requiring a SAS 70 audit to be completed by all companies in any country that provides a service. Have you as a consumer requested to see your service providers SAS 70 audit today?  Trackback URL