ATC Luxembourg - SAS70 Type II Report
SAS70 stands for “Statement on Auditing Standards no. 70” issued by the AICPA (American Institute of Certified Public Accountants); a SAS70 examination signifies that a service organisation has had its control objectives and control activities examined by an independent accounting and auditing firm. A formal report including the auditor's opinion ("Service Auditor's Report") is issued to the service organisation at the conclusion of a SAS 70 examination.
The SAS 70 reports have become a widely accepted standard by which an organisation can communicate their internal control structure to clients and their auditors. It is now considered essential within our industry to have clear and consistent control reporting in place. Type I consists of a detailed report on the organisation’s operational controls and confirms that they are sufficient to meet the control objectives. Type II reports on whether those measures are effectively complied with during a test period (usually six – twelve months).
Typically, organisations choose to first obtain a SAS70 Type I report followed by Type II. However, we opted to combine the two in Luxembourg and are therefore in a position to announce the achievement of obtaining the SAS70 Type I and II reports simultaneously.
The SAS70 Type II report is available to relevant clients, or their auditors, after signing of a Non Disclosure Agreement. Client requests for the report, or requests for more information, can be addressed to ATC’s Internal Audit Department in Luxembourg.
ATC is pleased to announce that our Luxembourg office now has a SAS 70 Type II report. Our Amsterdam office already has SAS 70 Type II reports (we were the first Trust Office in the Netherlands to obtain one). The SAS 70 reports have become a widely accepted standard by which an organisation can communicate their internal control structure to clients and their auditors. It is now considered essential within our industry to have clear and consistent control reporting in place. Type I consists of a detailed report on the organisation’s operational controls and confirms that they are sufficient to meet the control objectives. Type II reports on whether those measures are effectively complied with during a test period (usually six – twelve months).
Typically, organisations choose to first obtain a SAS70 Type I report followed by Type II. However, we opted to combine the two in Luxembourg and are therefore in a position to announce the achievement of obtaining the SAS70 Type I and II reports simultaneously.
The SAS70 Type II report is available to relevant clients, or their auditors, after signing of a Non Disclosure Agreement. Client requests for the report, or requests for more information, can be addressed to ATC’s Internal Audit Department in Luxembourg.
