Business Services Industry
SAVVIS Completes Examination in Conformity with Statement on Auditing Standards No. 70 — SAS 70 —, Service Organizations
Business Wire, Jan 25, 2005
ST. LOUIS -- SAVVIS Communications (NASDAQ:SVVS), a leading global IT utility, today announced that it has recently completed an examination in conformity with Statement on Auditing Standards No. 70, Service Organizations (SAS 70) that was performed by Deloitte & Touche LLP.
Completion of the SAS 70 examination indicates that selected SAVVIS processes, procedures and controls have been formally reviewed and evaluated. The examination included the company's controls related to security monitoring, change management, problem management, backup and environmental controls, logical and physical access.
SAS 70 is an attestation standard developed by the American Institute of Certified Public Accountants (AICPA). A SAS 70 examination includes an analysis of a service organization's controls as they relate to an audit of the financial statements of its customers. It is often required by public companies and their auditors for evaluating the service organization's internal controls.
"This is a very important compliance issue for SAVVIS and an important security and quality benchmark by which our customers will judge us," said Rob McCormick, Chairman & Chief Executive Officer of SAVVIS. "As one of the world's leading providers of managed IT infrastructure services, we have developed comprehensive systems to secure our service delivery infrastructure so that our customers can trust outsourcing some or all of their IT infrastructure to us."
SAS 70 is designated by the U.S. Securities and Exchange Commission (SEC) as an acceptable method for management to obtain assertions about service organization internal controls without conducting separate assessments. Sarbanes-Oxley Section 404 mandates that management of publicly traded companies take personal responsibility for the effectiveness of internal control over financial reporting and this extends to controls in place at third party service organizations. As a result, the SAS 70 is a preferred method of providing assurance for service organization clients subject to Section 404.
About SAVVIS
SAVVIS Communications (NASDAQ:SVVS) is a global IT utility services provider that leads the industry in delivering secure, reliable, and scalable hosting, network, and application services. SAVVIS' strategic approach combines the use of virtualization technology, a utility services model, and automated software management and provisioning systems. SAVVIS solutions enable customers to focus on their core business while SAVVIS ensures the quality of their IT infrastructure. With an IT services platform that extends to 47 countries, SAVVIS is one of the world's largest providers of IP computing services. For more information about SAVVIS, visit: http://www.savvis.net.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from SAVVIS' expectations. Certain factors that could affect actual results are set forth as risk factors in SAVVIS' SEC reports and filings, including its annual report on Form 10-K for the year ended December 31, 2003, as filed with the Securities and Exchange Commission on February 24, 2004, and all subsequent filings. SAVVIS assumes no obligation to update or supplement forward-looking statements.
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