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Auditing (Finance)
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ALSO CALLED: Auditing
DEFINITION: SAS 70 (the Statement on Auditing Standards No. 70) defines the standards an auditor must employ in order to assess the contracted internal controls of a service organization. Service organizations, such as hosted data centers, insurance claims processors and credit processing companies, provide outsourcing services that affect the operation of the contracting enterprise. The SAS 70 was developed by
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Definition continues below.
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| Recent Vendor Reports on Auditing (Finance) |
Optimizing Accounts Payable in an Economic Downturn: Creating a Compelling Case
| sponsored by Dolphin Corporation
PODCAST:
This Podcast examines an accounts payable solution that helps companies address today's pressing issues of cost containment, cash flow optimization and risk mitigation.
Posted: 01 Jul 2009 | Premiered: 01 Jul 2009
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The Hidden Costs of Compliance: Employee Morale
| sponsored by Oversight Systems
WHITE PAPER:
While the costs of Sarbanes-Oxley compliance continue to add up, executives must recognize the hidden costs. This paper discusses how SOX's ongoing requirements affect the companies who cannot afford to repeat the compliance efforts.
Posted: 14 Aug 2008 | Published: 14 Aug 2008
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A Leading Power Utility Reaches for Transactional Efficiency
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WHITE PAPER:
In this case study, a leading power utilities company had a substantial amount of money being paid out in duplicate payments and auditor's fees. Read how Oversight Systems, Inc. helped them rein it all in.
Posted: 14 Aug 2008 | Published: 14 Aug 2008
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AUDITING (FINANCE) DEFINITION (continued): … the American Institute of Certified Public Accountants (AICPA) as a simplification of a set of criteria for auditing standards originally defined in 1988. Under SAS 70, auditor reports are classified as either Type I or Type II. In a Type I report, the auditor evaluates the efforts of a service organization at the time of audit to prevent accounting inconsistencies, errors and misrepresentation. The auditor also evaluates the likelihood that those efforts will produce the desired future results. A Type II report includes the same information as that contained in a Type I report; in addition, the … Auditing (Finance) definition sponsored by SearchCIO.com, powered by WhatIs.com an online computer dictionary
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