SAS 70 Report

[Guest jusducki]

Is this something used by an auditor for large plan filing? If small plan filings (using Sch I) require this, where can I find out more information? Thanks in advance

[WDIK]

It is my understanding that the SAS 70 is an in-depth audit of the internal controls of a service organization and that auditors of the retirement plan can rely on a SAS 70 for those purposes without the need for duplication. If a service organization has not had a SAS 70 audit, the plan auditors would need to do the additional work, probably increasing the cost.

[Guest jusducki]

So, are you saying if auditors need the SAS 70, they would get it from each investment firm that handles the retirement plan assets of the company they are auditing?

It is my understanding that the SAS 70 is an in-depth audit of the internal controls of a service organization and that auditors of the retirement plan can rely on a SAS 70 for those purposes without the need for duplication. If a service organization has not had a SAS 70 audit, the plan auditors would need to do the additional work, probably increasing the cost.

[WDIK]

...from each recordkeeper or other service provider.

[david rigby]

Prior discussions:

http://benefitslink.com/boards/index.php?showtopic=26247

http://benefitslink.com/boards/index.php?showtopic=21929