Do You Really Need a SAS 70 on a Lockbox?
SAS 70 audits-attestations by a company's auditors as to the robustness of its internal controls–are nothing new for Mellon Bank. Thanks to one big and influential client–the federal government-Mellon was conducting SAS 70 audits of its lockbox operation twice a year long before such reviews were required as part of the Sarbanes-Oxley Act. The big difference today: Uncle Sam is not the only one asking.
It's not as if treasurers have been standing in line. But Blaine Carnprobst, Mellon's first vice president and lockbox product manager, describes demand from corporate clients for the statements as "certainly more than trivial."
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