The AICPA’s Auditing Standards Board (ASB) has spent some time evaluating the nature of service organization audits and whether they should truly be considered “audit” vs. “attest” engagements. Meanwhile, they also wanted to demonstrate an alliance with the International Auditing and Assurance Standards Board’s (IAASB) issuance of ISAE 3402 that offers a universal audit standard that is complementary to those standards common to country specific regulations.
After considerable review, the ASB deemed that since an examination of a description of a system and controls is not an audit of financial statements, it should instead fall under Statement on Standards for Attestation Engagements (SSAE). Examinations of service organizations are known as Service Organization Control Reports.
Our professionals are available to conduct SSAE 18 and SOC 1 and 2 Reports.