SAS 70: A Requirement Proposed by the SEC for Certain Asset ManagersSEC Proposed Changes to the Advisor |
Listen to the replays (description below) of our July and September Web conferences to hear valuable insight on how to determine the potential impact of the SEC proposed changes on your organization and the benefits of advanced preparation.
Replay Discussion Topics:
On May 20, 2009, the Securities and Exchange Commission (“SEC”) announced several proposed changes to the custody rule and related disclosure forms under the Investment Advisers Act of 1940 Release No. IA-2876, “Custody of Funds or Securities of Clients by Investment Advisers” (the “Release”). The proposed Rule impact will vary for each organization. One of the key provisions dictates that if an independent custodian does not maintain client assets but the adviser, or a related person, instead serves as a qualified custodian for client assets, an annual written SAS 70 Type II internal control report by an independent public accountant will be required.
Specific topics included:
- Insight into the proposed SEC changes
- Understanding Statement on Auditing Standards Number 70 (SAS 70), as amended, and the information to be provided for your clients and their auditors
- Areas of an organization that may need to be incorporated within a SAS 70 report, including operations and general computer controls (IT)
- How organizations can begin to prepare for a SAS 70 examination
- What if the proposed regulation doesn’t impact my organization?
- Trends and benefits from having a SAS 70 performed
- Is SAS 70 the right answer as a global standard for reporting on controls at a service organization?
If you have any questions regarding the information included please contact Suzanne Nersessian, Director, Deloitte & Touche LLP
SAS 70: A Requirement Proposed by the SEC for Certain - July 16, 2009 - Webconference replay
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