SAS 70 Certification

What is SAS 70?
Statement on Auditing Standards (SAS) No. 70, Service Organizations, is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA). A SAS 70 examination signifies that a service organization, like Benefit Strategies, LLC has had its control objectives and control activities examined by an independent accounting and auditing firm. A formal report including the auditor's opinion is issued to the service organization at the conclusion of a SAS 70 examination. The report enables service organizations to demonstrate that they have adequate controls and safeguards when they host or process data belonging to their customers.

The SAS70 report is intended to provide interested parties with information about Benefit Strategies controls relative to the processing of client organizations' transactions applicable to the administration of daily Valuation Defined Contribution Retirement Plans and Section 125 Flexible Spending Plans. This report, when combined with an understanding of the controls at client organizations, is intended to assist user auditors in planning the audit of client organizations. It is also intended to assess control risk for assertion in client organizations' financial statements that may be affected by controls at Benefit Strategies.

Why does Benefit Strategies maintain the SAS 70 Certification?
Since many financial institutions require that their vendors maintain a SAS 70 Certification, and we know that financial institutions are a very thorough industry, this Certification shows our dedication to exceeding our clients' expectations. Benefit Strategies provides services directly related to maintaining plan participant account (financial) information and we feel very strongly that our processes and transactions fall under the same scrutiny. It is very important that our clients, both employers and participants, feel that we have their best interest in mind.

What is required for Benefit Strategies to continue to qualify for the SAS 70 Certification?
Benefit Strategies participates in an annual audit performed by an independent accounting and auditing firm and receives confirmation of our continued compliance with SAS 70 standards.