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Sarbanes-Oxley News & Developments
SOX Section 404 Compliance Has Companies on Edge Beware a false sense of security.
> > Even though the deadline for compliance with SOX Section 404 has been pushed back a large outdated auditing standard for outsourcers could hurt companies that are rushing to send their business processes offshore.
In question is the Statement on Auditing Standards No. 70, "Reports on the Processing of Transactions by Service Organizations." This standard was set up by the American Institute of Certified Public Accountants in 1993, SAS 70 spells out how an external auditor should assess the internal controls of an outsourcing service provider and issue an attestation report to outside parties or to a client.
Source: CFO
Published:2004-03-16
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