Assignment:
What Is Management Information System?
AS (Statement on Auditing Standards) 70 is an auditing standard that is developed by the American Institute of Certified Public Accountants (AICPA). It is also known as "SAS 70 Audit" standard and it is an authoritative guide for the organizations. It plays a vital role in the service organizations. Apart from this, it plays a major role to review the internal controls of the organization in an effective and proper manner. For instance, it permits the service organizations to reveal valid internal controls to their existing customers and auditor of their customers should in a uniform reporting format (Delaney & Whittington, 2012). In addition, it also inspects that internal control of the organization should be observed by an independent auditing firm for the effective and appropriate internal control of the business organization.