Sas70 Where is the requirements for this written down.

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I was told that the SAS70 is not required of privately owned companies.. and am trying to find some solid documentation on this? I found many posts and articles but all by individuals who support the theory that the sas70 is not required of privately owned business.. Where on the other hand: publicly traded companies having at least 75million cashflow would want to have the sas70 Any specialists and accountants aboard? From my googling ..I see this system is not a federally back measurement but a creature put together by accountants.