Category: Hot Topics

  • SSAE 16 replaces SAS 70 (…sort of) – UPDATE 2

    In my last post I indicated that the AICPA would have additional guidance on this topic this fall.  It appears that we may now have to wait until early 2011.  According to this document from the AICPA, “The existing (AICPA Audit) guide is being overhauled and rewritten to reflect the requirements and guidance in SSAE…

  • FDIC issues guidance on copy machine hard drives

    The FDIC issued FIL-56-2010 today, addressing risk posed by sensitive information stored on certain electronic devices (copy machines, fax machines and printers) that utilize internal storage, and how institutions should mitigate that risk. This guidance only covers those devices that have internal storage, such as a hard drive or flash memory, but according to some…

  • CUNA adds examiner feedback section to member website

    The Credit Union National Association (CUNA) is soliciting comments from it’s members regarding their recent NCUA examination experiences. “We have heard from credit unions a lot over the last few months that many are finding their examiners and exams to have been a lot more difficult…

  • SSAE 16 replaces SAS 70 – UPDATE

    Starting next year (or this year for Type II engagements that extend beyond 6/11), the traditional SAS 70 is being phased out in favor of the SSAE 16. The biggest difference is that the “A” no longer stand for “Audit”, but “Attestation”: Management of the service provider asserts that controls relative to security, availability, integrity,…

  • WHO declares H1N1 pandemic over

    The head of the World Health Organization (WHO) today declared the H1N1 influenza pandemic over, saying worldwide flu activity has returned to typical seasonal patterns and many people have immunity to the virus.   WHO Director-General Margaret Chan said “The H1N1 virus has largely run its course.” This likely means that you are unlikely to encounter…

  • FDIC can now step in regardless of primary regulator (part 2)

    Further to the previous post, the memorandum requires the FDIC opinion to prevail in the event that an institutions’ PFR (primary federal regulator) CAMELS rating differs from the FDIC: If the FDIC’s CAMELS ratings for an institution differ from a PFR’s assigned ratings, the FDIC is required to provide the PFR with an explanation of…