The change from a Statement on Auditing Standards (“SAS”) to Standards for Attestation Engagements (“SSAE”) is a technical change that transfers the requirements from an auditing standard to an attest standard.
The American Institute of Certified Public Accountants (“AICPA”) issued SSAE # 16 to supersede the commonly known “SAS 70” standard for examination periods dated on or after June 15, 2011. SSAE #16 was developed not only to update the SAS 70 standard, but also to align the US based standard to similar guidance released by the International Auditing and Assurance Standards Board (“IAASB”) known as the International Standard on Assurance Engagements 3402, Assurance Reports on Controls at a Service Organization (“ISAE 3402”).
What does the change from SAS No. 70 to SSAE #16 mean?
Although SAS 70 is being replaced by SSAE 16, they are fundamentally the same. Below is a description of some of the key similarities and differences between the two standards. The following table describes the most significant differences between the current service organization reporting standard (i.e., SAS 70) and the superseding domestic and international reporting standards. This table is not meant to be an exhaustive list of all differences between the various service organization reporting standards. To gain a full understanding of how the existing and new standards affect service organizations, we recommend reviewing the full text of the standards to determine their applicability to your organization.
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