This blog is a re-posting from June 2009
- Efficiency and Cost Reduction – Your company can have one audit performed and provide one report to interested parties. This allows your company to focus on what it does best and reduces the time required to respond to audit inquiries.
- Peace of Mind – It makes good business sense to make sure you have controls in place to prevent/detect unnecessary mistakes, unauthorized transactions, unauthorized modifications to data, and fraudulent activity. Having an independent party assess your processes and systems can provide a level of assurance that may be unattainable through self assessment.
- Strengthen Existing Relationships – Customers value transparency and assurance that your processes and systems are sound.
- Attract Customers – New customers want to know that they will be working with a company that has standards in place and has been reviewed by an independent party.
- Differentiate from Competitors – If your company has a clean audit opinion and your competitors don’t or don’t have an audit opinion at all, you should stand out in the marketplace.
- Compliance – There may be overlapping regulations that a SAS 70 may meet. The Sarbanes Oxley Act requires your customers to have controls over financially material processes and systems. The Graham Leach Bliley Act requires financial institutions to provide security over customer information to safeguard their privacy.
Are you interested in strengthening existing relationships, attracting new customers and differentiating your company from competitors?
Do you want to reduce the time and cost of audit inquiries?
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.