SAS70 (Statement of Accounting Standards No. 70) was developed by the American Institute of CPAs (AICPA) as a standard audit approach for service companies to use with their customers instead of customers individually auditing the services companies.
On June 15, 2011, the SSAE 16 (Statement on Standards for Attestation Engagements No. 16) replaced the SAS70.
The SSAE 16, Reporting on Controls at a Service Organization is the next evolution in examining a service provider’s controls and rendering an opinion for the provider’s customers.
Note: The SSAE 16 is also referred to as Service Organization Controls (SOC) SSAE 16, and includes a number of improvements in the examination of service providers.
As Treasury Software is not a service provider, it does not fall within the scope of these standards. Treasury Software obtains certification from independent software testing agencies in conjunction with its Microsoft Gold Certified Partner status. For information on Treasury Software's Microsoft partner status, please visit Microsoft.
The Sarbanes-Oxley Act of 2002 has been the topic of articles, books, web sites, radio shows and television shows. It's a topic that's getting a lot of attention, but it can be confusing.
Here's a simplified summary:
The intent of Sarbanes-Oxley (also called Section 404) was to 'clean-up' and get corporate governance back in place. It legislated what seemed to be mostly common sense and proper judgment. But now, in the wake of countless corporate accounting scandals, common sense practices must now be regulated.
In part, Sarbanes-Oxley covers the way a corporation deals with its: