Are you SSAE16 Compliance?
Standards for Attestation Engagement No. 16 (SSAE16) is a third-party assurance audit for service organizations (revised version of SAS70). This audit is internationally recognized and serves as a standard for service organizations around the world.
Most companies get this audit done because their partners require it or because it can set them apart from their competitors. Having a clean SSAE 16 audit allows companies to compete on an international level and allows your customers to give you their business with complete confidence.
Service Organization Control (SOC) Reports:
SOC 1 is a report generated from an SSAE 16 audit performed by a specialized CPA. It focuses on internal controls over financial reporting within a service organization. SOC 2 & 3 take into account system security, availability, processing integrity, confidentiality, and privacy. The table to the left shows the differences between SOC 1, 2, & 3 reports.
What can SSAE 16 do for your organization?
- Confirm that procedures, controls, and processes are operating as intended.
- Satisfy requirements that most public organizations need in order to do business with other organizations.
- Provide standardized credibility.
- Provide a third-party evaluation and consultation of financial reporting.
- Use benchmarking to track progress.
- Validate or remove the need for self-assessment.