Sas 70 Clause Samples
The SAS 70 clause refers to a requirement that a service organization provide a Statement on Auditing Standards No. 70 (SAS 70) report, which is an independent auditor’s attestation of the organization’s internal controls relevant to financial reporting. In practice, this clause obligates the service provider to undergo a third-party audit and share the resulting report with the client, demonstrating that adequate controls and safeguards are in place. The core function of this clause is to give clients assurance about the reliability and security of the service provider’s operations, thereby reducing risk and supporting compliance with regulatory requirements.
POPULAR SAMPLE Copied 1 times
Sas 70. Insurance Company shall make available upon Transfer Agent’s request a copy of Insurance Company’s most recent SAS 70. Insurance Company shall promptly notify Transfer Agent in the event of a material breach of operational controls related to services under this Agreement.
Sas 70. Upon reasonable request of the Trust, the Transfer Agent shall provide the Trust with a copy of the Transfer Agent’s annual report prepared in compliance with the requirements of Statement of Auditing Standards No. 70 issued by the American Institute of Certified Public Accountants, as it may be amended from time to time (commonly referred to as a “SAS 70 report”). For fiscal periods ending on or after June 15, 2011, the SAS 70 report will be replaced by the Statement of Standards for Attestation Engagements No. 16 (commonly referred to as a “SSAE 16 report”).
Sas 70. (a) The HSBC Companies shall provide the Block Companies with a Type II SAS 70 report (or any equivalent thereof or successor thereto) within sixty (60) days after the end of each calendar year during the Term of this Retail Distribution Agreement. This SAS 70 Type II Report (or any equivalent thereof or successor thereto) is necessary in order to permit the Block Companies' management to perform an adequate assessment of internal control over financial reporting (and to permit the Block Companies' auditors to audit the Block Companies' internal control over financial reporting and management's assessment thereof). The HSBC Companies and the Block Companies shall split equally expenses incurred by the HSBC Companies in connection with the preparation of the Type II SAS 70 Report; provided the Block Companies' portion of such expenses shall not exceed Fifty Thousand Dollars ($50,000) in any year of the Term of the Retail Distribution Agreement.
(b) Such SAS 70 Type II Report (or any equivalent thereof or successor thereto) must be prepared by the HSBC Companies' independent auditors in accordance with Statement on Auditing Standards No. 70, Service Organizations ("SAS 70") (or any equivalent thereof or successor thereto), and must include an opinion with respect to the controls that are in effect at the HSBC Companies over the practices and procedures relating to the HSBC Companies' performance of such services under the Program Contracts.
(c) The HSBC Companies will, and will use commercially reasonable efforts to cause its external auditors to, provide information to the Block Companies' officers and its external auditors, as the case may be, in order to allow each of them to perform the procedures that are required by generally accepted auditing standards, including, without limitation, PCAOB Auditing Standard No. 2, by Section 404 of the Sarbanes-Oxley Act and by the rules promulgated thereunder with resp▇▇▇ ▇▇ (▇) ▇▇▇ SAS 70 Type II Report (or any equivalent thereof or successor thereto) delivered in accordance with this Section 6.10 and (ii) the controls to which such report relates.
(d) The costs of any corrective actions taken as a result of Type II SAS 70 Reports will be paid by the HSBC Companies, except to the extent the corrective actions relate to a program or procedure of the Block Companies that the HSBC Companies are following based on written direction from the Block Companies.
Sas 70. The second-to-last bullet under “DR’s Rights and Obligations (“• DR shall provide to Company a SAS-70 Type II report….”) is hereby deleted in its entirety and shall be of no further force and effect.
Sas 70. BETA undergoes an annual SAS 70 audit with the scope of such audit to be determined by the BETA User Group. AGE shall have the right to audit the facilities and systems of BETA and/or any BETA subcontractor to verify BETA’s compliance with the security and operational requirements of this Agreement if either or both of the following occur: (1) the then current SAS 70 audit report does not address BETA’s compliance or noncompliance [ *** ]; and/or (2) the then current SAS 70 audit report reflects BETA’s noncompliance [ *** ]. Such audit shall include an inspection of facilities, access to the BETA or BETA Agent systems, a review of records and a review of policies and procedures. Such audit will be conducted at AGE’s expense and will be performed in conjunction with the annual SAS 70 audit, by the same audit firm conducting the SAS 70 audit, provided the BETA User Group agrees to allow AGE to expand the scope of the SAS 70 audit to include the issues auditable by AGE under this provision. If the BETA User Group does not so agree, AGE’s separate audit will be conducted at a mutually agreed upon time that shall not be less than 10 business days from the date requested by AGE by an independent third party retained by AGE. Any deficiencies with the security or operational requirements of BETA’s facilities or systems will be promptly corrected and resolved at BETA’s expense.
Sas 70. Reliance shall engage a national accounting firm at least annually to complete a SAS-70 audit of its operations. The SAS-70 Report issued by this accounting firm shall be made available to Plan Fiduciary upon request
Sas 70