What is the difference between ISAE 3402 and SSAE 16?
SSAE 16 requires the service auditor to adapt and apply U.S. auditing standards guidance when the service auditor uses members of the service organization’s internal audit function to provide direct assistance. ISAE 3402 does not provide for use of the internal audit function for direct assistance.
What is the purpose of ISAE 3402 report?
International Standard on Assurance Engagements 3402 (ISAE 3402), titled Assurance Reports on Controls at a Service Organization, is an international assurance standard that describes Service Organization Control (SOC) engagements, which provides assurance to an organization’s customer that the service organization has …
What is ISAE certification?
The International Standards for Assurance Engagements (ISAE) 3402 is an international assurance standard for reporting on controls at service organizations to protect shareholders and the general public from accounting errors and fraudulent practices.
What does SSAE 16 stand for?
The Statement on Standards for Attestation Engagements No. 16 (SSAE 16) is a set of standards developed specifically for certified public accountants (CPAs) to evaluate an entity’s internal controls and the impact a service organization may have on the entity’s control environment.
What does ASAE 3402 stand for?
ASAE 3402. Assurance Reports on Controls at a Service. Organisation.
Who can issue a ISAE 3402 report?
ISAE 3402 was developed to provide an international assurance standard for allowing public accountants to issue a report for use by user organizations and their auditors (user auditors) on the controls at a service organization that are likely to impact or be a part of the user organization’s system of internal control …
Who does ISAE 3402 apply to?
Who needs an ISAE 3402 report?
The ISAE 3402 is a control report developed for outsourcing activities that are related to the financial reporting of the client. ISAE 3402 is geared towards a client’s financial auditor’s needs.
Is ISAE 3402 mandatory?
ISAE 3402 is not a certification like ISO 27001. For an ISAE3402 reporting, a Systems and Organization Controls report is required. A Systems and Organization Controls report describes all controls relevant for financial reporting of the user organization.
Is SSAE 16 still valid?
SSAE 16 is only valid through April 2017. As of May 1st, 2017, these reports will be referred to as SOC 1, not SSAE 18.
What does Ssae stand for?
Statement on Standards for Attestation Engagements
The acronym “SSAE” stands for Statement on Standards for Attestation Engagements, and was developed by the American Institute of Certified Public Accountants (AICPA).
What is the difference between ISAE 3000 and 3402?
The difference between ISAE 3402 and ISAE 3000 is that, whilst an ISAE 3402 report covers a service organisation’s internal controls that are most likely relevant to a user organisation’s internal control over financial reporting, the ISAE 3000 standard covers independent assurance engagements other than audits or …