Studio Guggino and Newtonpartner S.r.l. a team of professionals at the service of your Company To get where the others fail, we have to achieve even higher goals www.sas70.it
MISSION Our Mission consists in assisting businesses and professionals, supporting them at different times of strategic importance by offering them exclusive services, becoming an important support during their process of development and business consolidation. Professionalism, expertise and network synergies complement the philosophy of our business and represent an ongoing commitment to Customers.
6 COMPETENCY AREAS AT YOUR SERVICE
THE AREAS OF EXPERTISE IN DETAIL RISK MANAGEMENT Assistance to Customers in the identification, corporate risk management and control with the support of integrated solutions (ERM) and in specific areas (compliance risk, credit risk,...). COMPLIANCE Assistance to Customers for early adaptation to national and international compliance regulations, the ISO certification protocols, SSAE 16 (formerly SAS 70) and ISAE 3402 SOC 1, SOC 2, SOC 3, Sarbanes Oxley (SOX), Japanese Sarbanes Oxley (J -SOX), Anti Money Laundering,... STATUTORY AUDIT We analyze and evaluate the processes of corporate accounts and financial statements of the Customers with the aim of expressing an opinion about the reliability of the data and the information it contains. FISCAL AND ACCOUNTANCY CONSULTING We provide our Clientele the classical services provided by chartered accountants such as fiscal consulting, bookkeeping, preparing financial statements and tax declarations and, in general, those services related to consulting in Business and Corporate sector. CERTIFICATION AND REPORT Consultancy and support to companies for obtaining and maintaining certifications in accordance with ISO standards (Quality, Safety, ) Issue of SSAE 16 Report (formerly SAS 70) and ISAE 3402 with implementation of any missing checks in compliance with the above Standard. MANAGEMENT SYSTEM We support companies in the process of implementation, management and verification of organizational management systems (Quality, Environment, Administrative Responsibility, Social Responsibility, Safety,...) either stand-alone or integrated.
IL REPORT SSAE 16 (ex SAS 70) Statement on Standards for Attestation Engagements no. 16 WHY THE REPORT SSAE 16 IS REQUESTED? Because of the scandal of the energy giant Enron, which caused extensive financial damages to investors, in 2002 the US government enacted the Sarbanes Oxley Act (SOX or Sarbox) that, in 404 section, established for the Listed companies' Management a declaration of compliance about the observance of the rigorous controls laid by the same Law relatively to the internal controls system of the business organization with the aim to grant the veracity of the information flows that flow into the financial reporting. Following the requests of the 404 section of Sarbanes Oxley Act was enacted, by AICPA (American Institute of Certified Public Accountants), the SAS 70 became SSAE 16 with effect from July 1, 2011. The SSAE 16 report is issued by an Independent Auditor enabled after the conduct of audits carried out on internal control system implemented by an organization that provides outsourcing services in order to assert compliance of the control system to the Standard. WHO IS OBLIGED The SSAE 16 report is usually required by the US Companies that have their subsidiary in Italy and that they must fulfill the requirements of the 404 section. The CEO and CFO of such companies who decide to outsource some services (payroll, document management, accounting, information technology,...), in order to exempt themselves from their responsibilities arising from that section, require to the same Outsourcer the compliance with the SSAE 16 standard. Nowadays, the SSAE 16 report is required, more and more frequently, not only by American companies, but also from those European companies who consider this Standard, worldwide recognized, a warranty for the outsourced service provided to them. BENEFITS OF A CERTIFICATE INTERNAL CONTROL SYSTEM For the Service Organization: greater competitiveness in international markets, greater organizational efficiency, improvement of their image thanks to the reduction of the likelihood of errors, participation in tenders in which the Report is required as a prerequisite. For the Service Organization s Customers: service guaranteed by certified controls, reduction of costs associated with the Company's balance sheet review activities from the Company requesting the report. IL REPORT ISAE 3402 International Standard for Assurance Engagements no. 3402 ISAE 3402 is an International Standard very similar to SSAE 16 issued by IAASB (International Auditing and Assurance Standards Board) and it is also recognized, as the Standard SSAE 16 from which it differs in relation to some specific control objectives, by IFAC (International Federation of Accountants), World Federation of Certified Public Accountants. Both Reports can be requested jointly by the same company; It is demonstrated by the fact that more and more companies opt for obtaining a "Dual Report" in order to ensure its customers that the services provided to them are safe and conform to either Standards.