Santa Monica, CA (PRWEB) September 03, 2012
Looking for a comprehensive SSAE 16 summary regarding Statement on Standards for Attestation Engagements (SSAE) No. 16? Then look no further than the official SSAE 16 Resource Guide, developed by NDB Accountants & Consultants, a nationally recognized PCAOB CPA firm specializing in SSAE 16 (SOC 1), SOC 2 (AT 101) and SOC 3 reporting. What's more, NDB has identified 10 critical points that auditors, service organizations, and all other interested parties need to know about regarding SSAE 16. Consider this Top 10 list a must-read when it comes to gaining a comprehensive SSAE 16 summary and overview.
1. Migration towards global accounting standards. The pronouncement of ISAE 3402 and other activities prompted action from the AICPA.
2. SAS 70 was becoming antiquated. The one-size fits all approach from SAS 70 was showing its age.
3. Service Organizations were rapidly changing. Today's service organizations are a dynamic and complex mix of businesses that are far different from those of years past.
4. An international equivalent was born with ISAE 3402. Though ISAE 3402 and SSAE 16 were somewhat of a collaborative effort, it illustrates again the migration towards more globally accepted accounting standards.
5. SSAE 16 calls for a description of its "system". Look upon the description of a "system" as being more comprehensive and detailed than the historical SAS 70 description of "controls.".
6. Written statement of assertion is now a requirement for SSAE 16. A new requirement for SSAE 16, management must now effectively "assert" to a number of clauses and provisions.
7. The "internal audit" function can be critical. The Internal Audit function is an important component of SSAE 16 that shouldn't be overlooked.
8. Be on the lookout for "subservice" organization reporting requirements. Service organizations that outsource to other service organizations need to know about the "carve-out" and "inclusive" methods for reporting.
9. SOC 2 and SOC 3 are standing by, ready, willing, and able. Like a steady backup waiting to play if needed, SOC 2 and SOC 3 can be very valuable reporting options.
10. SSAE 16 is already mirroring SAS 70's dominance. SAS 70 dominated the service organization reporting landscape for two decades, and SSAE 16 seems well on its way.
Visit the official SSAE 16 Resource Guide today, developed exclusively by NDB Accountants & Consultants.
Call NDB Accountants today to receive a fixed fee from a nationally recognized PCAOB CPA firm specializing in SSAE 16 Type 1 and Type 2 reporting. Please call Christopher G. Nickell, at 1-800-277-5415, ext. 706 or Charles Denyer, at 1-800-277-5415, ext. 705.