SAS 70 Type II for Cogistics
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Freight and supply chain company Cogistics has completed an SAS 70 Type II audit of its audit and payment system. SAS 70 Type II is seen as an important stepping stone for achieving Sarbanes-Oxley compliance. The certification involved a certified independent accountant examining Cogistics day-to-day procedures to determine if they performed as documented. A documented opinion is then issued by the accountant on the effectiveness of the design and operation of the procedures. Developed by the American Institute of Certified Public Accounts the certification has a number of parallels with Sarbanes-Oxley, particular Section 404. Firstly the accountant has to give an opinion on the effectiveness of procedures. Preparation for ensuring this passes muster must help with ensuring Section 404 compliance which deals with internal control. Secondly the emphasis is on the effectiveness of the procedures in operation rather than the design. This correlates with the COSO Framework on Internal Control, which is the backbone of any internal control vreview.
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