When using an outside service provider it may be important to be able to show what controls are in place in order to help substantiate due diligence responsibilities to a company’s stakeholders. Another issue is facilitating transparency of any impact that outsourcing could have on a company’s financial statements. An independent report issued from a qualified professional can help to better satisfy these concerns.
The American Institute of CPAs (AICPA) has issued statements to guide independent auditors in making reports on service providers. SAS stands for “Statement on Auditing Standards”, and SSAE stands for “Statement on Standards for Attestation Engagements”. SAS 70 and SSAE 16 have been issued by AICPA and provide guidance for independent auditors that evaluate service providers.
An SAS 70 Type II and an SSAE 16 Type II reports together include information and an opinion by an independent auditor regarding a service provider’s internal controls. LV.Net is SAS 70 Type II and SSAE 16 Type II certified.
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