SAS 70 Review definition
Examples of SAS 70 Review in a sentence
The Company and Preferred shall review the controls that the SAS 70 Review Firm intends to test and shall notify the Company by July 31, 2007 (and July 31 of each subsequent year during the Term) if they have any suggestions, comments or recommendations as to the controls to be tested.
For purposes of this Section 14.9(c), “Complement” means that the internal controls of the subcontractors, when taken in combination with the internal controls of P▇▇▇▇ Systems represents the entire control environment applicable to the Service Location that is the subject of the SAS 70 Review.
Idearc and Provider shall share equally in the third-party costs and expenses associated with the Type II SAS 70 Review; provided, however, that Provider’s maximum obligation for such third-party costs shall not exceed $25,000 per calendar year.
The Lender shall have received (A) the most recent audited Consolidated financial statements, and unaudited Consolidating and Consolidated interim financial statements described in Section 6.05(b), of the Borrower and its Subsidiaries, in form and substance satisfactory to the Lender, and (B) Borrower’s most recent Type II SAS 70 Review (post 6/02-12/02 period, if available).
In addition, Provider annually shall engage an independent auditor of nationally recognized standing to conduct a Type II SAS 70 Review of Provider’s operating practices and procedures (including the internal control environment of each Provider Service Location), related to Idearc, the members of the Idearc Group and the Services.
On or before August 1 of each year (or such earlier date that Idearc may reasonably designate upon at least 60 days’ prior written notice), Provider shall provide Idearc with an unqualified opinion of such independent auditor with respect to such Type II SAS 70 Review.
GPI may request that P▇▇▇▇ Systems modify the scope of the SAS 70 Review such that GPI can reasonably rely upon the SAS 70 Review as evidence (assuming a favorable result from such review) that P▇▇▇▇ Systems’ internal controls are effective in order that GPI and the GPI Auditors can make their necessary or required attestations, certifications or other statements that GPI’s internal controls over its financial reporting are adequate in accordance with Section 404 of Sarbanes Oxley (“Section 404”).
If P▇▇▇▇ Systems does not incorporate such modifications in accordance with the previous sentence, or if after GPI receives the SAS 70 Report and determines that an additional audit is necessary for it to meet its control requirements, then P▇▇▇▇ Systems, at the request of GPI, will request its external auditor performing the SAS 70 Review to coordinate with GPI and its auditors to perform a supplementary audit to P▇▇▇▇ Systems’ SAS 70 Review that includes GPI’s requested modifications.
Prior to initiating any SAS 70 Review, P▇▇▇▇ Systems will Notify GPI if the scope of the upcoming review differs, in any material respect, from the scope of the Baseline SAS 70 Review.