SAS 70 definition

SAS 70 means Statement on Auditing Standards No. 70.

SAS 70. Means the Statement on Auditing Standards No. 70, Reports on the Processing of Transactions by Service Organizations as in effect as of the date hereof, which may be amended from time to time.

SAS 70 shall have the meaning provided in Section 12.2(a).

Examples of SAS 70 in a sentence

• The University will utilize all invoicing and documentation, which relates to Kent State University’s final cost, and internal controls documentation required under the contract including, but not limited to any applicable audit or security assessment reports or certifications such as: SAS 70 or its replacement SSAE 16, SOC 2, or ISO 27001, and copies of any applicable corporate information security policies or other supporting documentation.

• Upon request, the Bank shall annually make available to each Fund such summaries or audit reports, including any SAS 70 report, as the Bank generally makes available to its similar customers.

• At least annually, the Expert, or an appropriate substitute expert, will render a report to the Funds on policies and procedures placed in operation and tests of operating effectiveness as defined and described in SAS 70 of the AICPA.

• Except as respects Bank’s SAS 70 Report, as to which there shall be no charge, the Customer shall pay reasonable expenses of the Bank and any Subcustodians under this provision.

• DST agrees to furnish the Fund with (1) annual reports of its financial condition, consisting of a balance sheet, earnings statement and any other financial information as is made public by DST in connection with the foregoing (which requirement may be satisfied by the posting of such reports on DST’s website) and (2) semi-annually with a copy of a SAS 70 Report issued by DST’s certified public accountants pursuant to Rule 17Ad-13 under the 1934 Act as filed with SEC.

More Definitions of SAS 70

SAS 70 means the standards set in the American Institute of Certified Public Accounts (AICPA) Statement on Auditing Standards No. 70. Should current S.A.S. 70 standards (or any succeeding version) be superceded, the Secretary of State, in consultation with GITA and the State Treasurer, shall establish a deadline for all affected parties to comply with the replacing standard. This deadline shall be no later than two years from the date of issuance of the new S.A.S. standards. GITA will also provide a “roadmap” of how the revised standard fits the current Type 1 and Type 2 S.A.S. 70 designations used else- where in these rules.

SAS 70 means an auditing standard for conducting periodic audits of an entity to assure adherence to required policies and practices or the identification of areas in which the policies and practices are not being applied.

SAS 70 has the meaning given in Section 10.3 of the Main Body of the Agreement.

SAS 70 has the meaning set forth in Section 18 hereof.

SAS 70 shall have the meaning set forth in Section 4.6.

SAS 70 means Statement on Auditing Standards (SAS) No. 70, Service Organizations, issued by the American Institute of Certified Public Accountants. “Seller” has the meaning set forth in the Preamble.

SAS 70 is the 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. There are two types of SAS 70 Audits, Type I and Type II. Type I audits describe the description of controls at a specific point in time. The Type II audits actually test against control points to ensure that the overall control objective is met. A formal report including the auditor's opinion is issued to the service organization at the conclusion of a SAS 70 examination.