The annual SAS 70 Type II report API Outsourcing received noted no material weaknesses and stated that the relevant aspects of the API Outsourcing's controls that are in place in its operations as of November 30, 2007, are suitably designed to provide reasonable assurance the specified control objectives would be achieved
A SAS 70 examination signifies that a service organization or third party administrator has had its control objectives and control activities examined by an independent accounting and auditing firm, and allows these findings to be disclosed to their clients and their client's auditors in a structured reporting format. This independent report is completed by a leading audit firm and substantiates API Outsourcing's continuing commitment to provide effective controls and consistent operational performance.
SAS 70 Type II was developed by the American Institute of Certified Public Accountants (AICPA). For public companies required by Sarbanes-Oxley to report on controls over financial reporting, SAS 70 Type II is the preferred reporting standard for partnering with service organizations. The successful completion of the SAS 70 Type II audit provides the evidence essential in today's regulatory environment and in meeting requirements for a properly functioning control environment.