Common use of BancTec Audits Clause in Contracts

BancTec Audits. (a) BancTec will conduct its own Audits pertaining to the Services consistent with the audit practices of well managed companies that perform services similar to the Services. BancTec will perform a security Audit at least annually and will cause a Type II Statement of Auditing Standards (SAS) 70 Audit (or equivalent audit) to be conducted annually for each shared services facility at or from which Services are provided. The SAS 70 Audits will be conducted in accordance with BancTec controls and DFS’ reasonable control requirements as communicated by DFS. BancTec will permit DFS to participate in the planning of each SAS 70 Audit, will confer with DFS as to the scope and timing of the Audit and will accommodate DFS requirements and concerns to the extent practicable. Unless otherwise agreed by the parties, each SAS 70 Audit will be scheduled so as to facilitate annual compliance reporting by DFS and the Service Recipients under the Xxxxxxxx-Xxxxx Act of 2002 and any regulations promulgated under it. (b) To the extent the resulting Audit report is relevant to DFS and/or the Service Recipients, BancTec will provide a copy of the Audit report to DFS and its independent Auditors for review and comment as soon as reasonably possible, and in any event within 30 days after completion. BancTec will also correct any errors or problems identified in the Audit report as soon as reasonably possible. *** Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. (c) BancTec agrees to provide DFS with a copy of audited annual financial statements for BancTec and its Affiliates, in each case within thirty days after such statements are made available.

BancTec Audits. (a) BancTec will conduct its own Audits pertaining to the Services consistent with the audit practices of well managed companies that perform services similar to the Services. BancTec will perform a security Audit at least annually and will cause a Type II Statement of Auditing Standards (SAS) 70 Audit (or equivalent audit) to be conducted annually for each shared services facility at or from which Services are provided. The SAS 70 Audits will be conducted in accordance with BancTec controls and DFS’ reasonable control requirements as communicated by DFS. BancTec will permit DFS to participate in the planning of each SAS 70 Audit, will confer with DFS as to the scope and timing of the Audit and will accommodate DFS requirements and concerns to the extent practicable. Unless otherwise agreed by the parties, each SAS 70 Audit will be scheduled so as to facilitate annual compliance reporting by DFS and the Service Recipients under the Xxxxxxxx-Xxxxx Act of 2002 and any regulations promulgated under it. (b) To the extent the resulting Audit report is relevant to DFS and/or the Service Recipients, BancTec will provide a copy of the Audit report to DFS and its independent Auditors for review and comment as soon as reasonably possible, and in any event within 30 *** days after completion. BancTec will also correct any errors or problems identified in the Audit report as soon as reasonably possible. *** Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respect to the omitted portions. (c) BancTec agrees to provide DFS with a copy of audited annual financial statements for BancTec and its Affiliates, in each case within thirty *** days after such statements are made available.