SAS 70 Audits- Three “Must-Know” Tips for a Successful Type I or Type II Audit

SAS 70 Audits are a growing requirement for many businesses today. The vital key to a well-planned, efficient, and cost-effective audit is in understanding three essential ingredients for a successful SAS 70 Type I or Type II audit.

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Quote startFollow these 3 critical tips for SAS 70 audits and you are on your way to a successful, well-planned, and cost-effective engagement.Quote end

Los Angeles, CA (PRWEB) January 19, 2010

SAS 70 audits have become one of the most widely recognized internal control regulatory compliance initiatives being undertaken by organizations in today’s business environment. From small start-up entities to large, multi-national companies, the SAS 70 auditing standard is alive and well and continuing to grow.
Questions abound from organizations having to undergo SAS 70 Type I and SAS 70 Type II compliance, such as its cost, regulatory duration, personnel commitment, and the overall process for successful audit compliance. What’s important to consider is that the following three (3) critical “must know” tips will highly dictate the success or failure for your SAS 70 audit:

  •     Learn the details of What is a SAS 70 audit?
  •     Properly identify the Scope of the SAS 70 audit.
  •     Engage in a SAS 70 Readiness Assessment.

Ask ten people what a SAS 70 audit is and you are likely to get ten different answers. Sure, everybody knows it’s an audit, but then the confusion sets in over a misunderstanding of Statement on Auditing Standards No. 70 (SAS 70). The solution is to educate yourself and your relevant employees on aspects of the SAS 70 auditing standard, which can easily be done by visiting the official SAS 70 Resource Guide, developed by NDB Accountants & Consultants LLP, a nationally recognized PCAOB CPA firm. At the official SAS 70 Resource Guide, you’ll find white papers, frequently asked questions, along with ten (10) training videos to get you up to speed quickly on SAS 70 Type I and Type II audits. The more you know, the better prepared you and your organization can become.

Next, identifying the scope of the audit is also a vital component of successfully understanding and completing a SAS 70 Type I or Type II audit. Questions such as: What are the specific business processes to be tested? How many physical locations have to be visited during testing? How often is testing to be conducted? These and other important questions all need to be considered, if not actually answered, prior to the audit beginning.

Then, you need to consider a SAS 70 Readiness Assessment. The scope should be further evaluated during this undertaking. It’s essentially one of the most important components for truly understanding the audit process, while also “unearthing” any weaknesses you may have before the audit begins. Currently, NDB Accountants & Consultants LLP, will provide organizations with SAS 70 Readiness Assessments as part of every initial audit engagement.

To learn more about SAS 70 audits and NDB Accountants & Consultants LLP, visit the official SAS 70 Resource Guide today at http://www.sas70.us.com

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