I read Intacct is SAS 70 Type II certified. Why is that important to me?
The American Institute of Certified Public Accountants (AICPA) developed the Statement on Auditing Standards No. 70 (SAS 70) to validate that a company has been through an in-depth audit of their control processes. The SAS 70 is the authoritative guidance that allows companies to disclose their control activities and processes to their customers and their customers’ auditors in a uniform reporting format. The examination signifies that the company has had its control objectives and control activities examined by an independent accounting and auditing firm. There are two SAS 70 audits, Type I and Type II. Type I is a readiness audit with the company and is really meaningless. Type II, which Intacct has received, is the enforcement of the recommended controls and process for a minimum of six months as outlined by the independent accounting and auditing firm. Intacct has completed its SAS 70 Type II audit with the independent accounting and auditing firm, Grant Thornton. Public and larger
