SAS 70 definition

SAS 70 means Statement on Auditing Standards No. 70.

SAS 70. Means the Statement on Auditing Standards No. 70, Reports on the Processing of Transactions by Service Organizations as in effect as of the date hereof, which may be amended from time to time.

SAS 70 shall have the meaning provided in Section 12.2(a).

Examples of SAS 70 in a sentence

• The University will utilize all invoicing and documentation, which relates to Kent State University’s final cost, and internal controls documentation required under the contract including, but not limited to any applicable audit or security assessment reports or certifications such as: SAS 70 or its replacement SSAE 16, SOC 2, or ISO 27001, and copies of any applicable corporate information security policies or other supporting documentation.

• The safekeeping institution shall annually provide a copy of their most recent report on internal controls (Statement of Auditing Standards No. 70, or SAS 70).

• Include a copy of any applicable audit or security assessment reports or certifications such as: SAS 70 or its replacement SSAE 16, SOC 2, or ISO 27001 and include copies of any applicable corporate information security policies or other supporting documentation that will substantiate the questionnaire responses.

• Production of Contractor SAS 70 Report(s), or SOC Reports shall not take the place of NYSIF’s right under the Agreement to independently audit Contractor.

• List substantive issues raised by independent auditors in your Form ADV, SAS 70 / SSAE 16 and issues published in your annual audited financial statements or Form 10K (if applicable).

More Definitions of SAS 70

SAS 70 means the American Institute of Certified Public Accountants statement on auditing standards number 70.

SAS 70 means the standards set in the American Institute of Certified Public Accounts (AICPA) Statement on Auditing Standards No. 70. Should current S.A.S. 70 standards (or any succeeding version) be superceded, the Secretary of State, in consultation with GITA and the State Treasurer, shall establish a deadline for all affected parties to comply with the replacing standard. This deadline shall be no later than two years from the date of issuance of the new S.A.S. standards. GITA will also provide a “roadmap” of how the revised standard fits the current Type 1 and Type 2 S.A.S. 70 designations used else- where in these rules.

SAS 70 means an auditing standard for conducting periodic audits of an entity to assure adherence to required policies and practices or the identification of areas in which the policies and practices are not being applied.

SAS 70 has the meaning given in Section 10.3 of the Main Body of the Agreement.

SAS 70 means Statement on Auditing Standards (SAS) No. 70, Service Organizations, issued by the American Institute of Certified Public Accountants. “Seller” has the meaning set forth in the Preamble.

SAS 70 is the authoritative guidance that allows service organizations to disclose their control activities and processes to their customers and their customers' auditors in a uniform reporting format. A SAS 70 examination signifies that a service organization has had its control objectives and control activities examined by an independent accounting and auditing firm. There are two types of SAS 70 Audits, Type I and Type II. Type I audits describe the description of controls at a specific point in time. The Type II audits actually test against control points to ensure that the overall control objective is met. A formal report including the auditor's opinion is issued to the service organization at the conclusion of a SAS 70 examination.

SAS 70 has the meaning set forth in Section 18 hereof.