Statement on Auditing Standards 70. An internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). It is 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. A formal report including the auditor's opinion is issued to the service organization at the conclusion of a SAS 70 examination. A SAS 70 audit ensures that a service provider has adequate financial reporting controls in their operations when working with a client's information.
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