Type II SAS 70 Report definition

Type II SAS 70 Report means a report issued by the SAS 70 Review Firm pursuant to a Type II service auditor’s examination for the Company in accordance with the American Institute of Certified Public Accountants’ Statement on Auditing Standards ▇▇. ▇▇ ▇▇ ▇▇ ▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇ (▇▇▇ for 2008, as of September 30; and for each subsequent year during the Term as of September 30) which report includes the following: (i) whether the Company’s description of its internal controls presents fairly, in all material respects, the relevant aspects of the Company’s controls that had been placed in operation as of a specific date; (ii) whether the controls were suitably designed to achieve specified control objectives; (iii) whether the controls that were tested were operating with sufficient effectiveness to provide reasonable assurance that the control objectives were achieved during the specified period; and (iv) any other information as required by SAS 70.
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Type II SAS 70 Report means a report issued by the SAS 70 Review Firm pursuant to a Type II service auditor’s examination for the Service Provider in accordance with the American Institute of Certified Public Accountants’ Statement on Auditing Standards No. 70 which report includes the following: (i) whether the Service Provider’s description of its internal controls presents fairly, in all material respects, the relevant aspects of the Service Provider’s controls that had been placed in operation as of a specific date; (ii) whether the controls were suitably designed to achieve specified control objectives; (iii) whether the controls that were tested were operating with sufficient effectiveness to provide reasonable assurance that the control objectives were achieved during the specified period; and (iv) any other information as required by SAS 70 or its successor.
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Examples of Type II SAS 70 Report in a sentence

  • Should the Company fail to deliver the Type II SAS 70 Report specified in Section 15.2(b) in the time period specified therein, the Company shall have ten (10) Business Days to cure such failure.

  • The Compliance Audit Report shall include either (A) the Type II SAS 70 report, or (B) the General Partner or Discretionary Subadvisor’s summary of the Type II SAS 70 report, including disclosure of any instances in which the accounting firm which performs the Type II SAS 70 Report has qualified such report.

  • The Manager furthermore agrees, at its sole cost and expense, to provide the Company with a Type II SAS 70 Report (the “Report”) concerning the Manager’s internal controls with respect to design and operating effectiveness of the controls over the asset management services.

  • Servicer shall provide to the Auditors, upon request, a copy of a CyberTrust Certification Letter and a Type II SAS 70 Report which report shall include the operating controls associated with Servicer’s Information Security Program and tests of those operating controls.

  • Hyperion furthermore agrees, at its sole cost and expense, to provide Platinum with a Type II SAS 70 Report (the “Report”) concerning Hyperion’s internal controls with respect to design and operating effectiveness of the controls over investment management.

  • The HSBC Companies and the Block Companies shall split equally expenses incurred by the HSBC Companies in connection with the preparation of the Type II SAS 70 Report; provided the Block Companies' portion of such expenses shall not exceed Fifty Thousand Dollars ($50,000) in any year of the Term of the Retail Distribution Agreement.

  • Hyperion furthermore agrees, at its sole cost and expense, to provide Client with a Type II SAS 70 Report (the “Report”) concerning Hyperion’s internal controls with respect to design and operating effectiveness of the controls over investment management.

  • The requirements of this Section 19.5 (Reports & On-Site Review) may be satisfied by a Type II SAS 70 Report, as described in the then current Statement of Auditing Standard 70 of the American Institute of Certified Public Accountants, unless otherwise specified by Fidelity within sixty (60) days after receiving such a report.

  • The requirements of this Section 18.5 (Reports & On-Site Review) may be satisfied by a Type II SAS 70 Report, as described in the then current Statement of Auditing Standard 70 of the American Institute of Certified Public Accountants.

  • The requirements of this section will be satisfied by a Type II SAS 70 Report, as described in the then-current Statement of Auditing Standard 70 of the American Institute of Certified Public Accountants, unless otherwise specified by Chase within 60 days after receiving such a report.