Briefly Explain How a SAS 70 Report Is Used in Assessing

question 16

Essay

Briefly explain how a SAS 70 report is used in assessing internal controls of outsourced facilities.

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Definitions:

Creditors

Individuals or organizations to whom money is owed.

Voidable Title

A legal concept where a title or ownership of property can be rendered invalid based on certain conditions or fraud.

Void Title

A legal status indicating that a transfer of property or title is null and ineffective, usually due to fraudulent activity or significant defects.

Good Faith Purchasers

Good faith purchasers are individuals who buy property without knowledge of any existing claims or disputes over the item bought, typically receiving protection under the law.