With few significant modifications since it was issued in April 1992, SAS 70 has been the standard when reporting on the effectiveness of service organizations' internal controls over financial reporting. Now, globalization and regulatory changes have prompted the proposal of two new standards that would combine to supersede SAS 70.
By 15 June 2011, Statement on Standards for Attestation Engagements No. 16 Reporting on Controls at a Service Organization (SSAE 16) and its international equivalent, ISAE 3402, Assurance Reports on Controls at a Service Organization, will replace SAS 70. These new standards require that service organizations:
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