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SAS-70 stands for the ?State on Auditing Standards No. 70?. They were created to to identify organizations willing to hold themselves to a proven and higher standard of commitment.

What is SAS 70? SAS 70? is an internationally recognized third party assurance audit designed for service organizations. It has become the most widely accepted compliance initiative that provides service organizations a benchmark to compare their internal controls and processes against industry best practices.

Why did SSAE 16 replace SAS 70? In an effort to move toward international accounting standards, the AICPA issued Statement of Standards for Attestation Engagements 16 (SSAE 16) in April 2010. It replaced SAS 70 and was designed to closely mirror International Standard on Assurance Engagements 3402 (ISAE 3402).

An attestation is a type of audit as it provides an opinion. As the scope increases in attestation services, the governing standards continue to parallel those found within the generally accepted auditing standards (GAAS).

An attestation engagement is an arrangement with a client where an independent third party investigates and reports on subject matter created by a client. Examples of attestation engagements are: Reporting on financial projections made by a client. Reporting on pro forma financial information formulated by a client.

One of the things to keep in mind to differentiate each of these services is that audits are performed to discover data, risks, or compliance issues that may not have been known before the audit took place, and attestation is to evaluate and review how true the data or information is when compared to a stated purpose,

The attestation standards establish requirements for performing and reporting on examination, review, and agreed-upon procedures engagements that enable practitioners to report on subject matter other than historical financial statements.

SAS 70? is an internationally recognized third party assurance audit designed for service organizations. It has become the most widely accepted compliance initiative that provides service organizations a benchmark to compare their internal controls and processes against industry best practices.

There are three types of attestation services: compilation, review and audit.

SAS 70 Type II compliance signifies the most stringent form of professional examination. An audit based on this level of compliance certifies that a hosting provider has had its control objectives and activities examined by a qualified independent accounting and auditing firm.