ISAE 3402 / SSAE 16
International Standard on Assurance Engagements (ISAE) No. 3402 is a standard issued by the International Auditing and Assurance Standards Board (IAASB) and Statement on Standards for Attestation Engagements (SSAE) No. 16 is a standard issued by the American Institute of Certified Public Accountants (AICPA).
The scope of the ISAE 3402 standard is: “to provide a report for use by user entities and their auditors on the controls at a service organization that provides a service to user entities that is likely to be relevant to user entities’ internal control as it relates to financial reporting” (IAASB).
SSAE 16 was built upon the ISAE 3402 framework and the standards are essentially the same with a number of deviations. At VBK+CO, as a global service organization, we find it important to comply with both standards. VBK+CO received an unqualified Type I certification issued by Deloitte Risk Services BV.
We are currently in the Type II testing period and we anticipate to obtain full Type II certification, based on calendar year 2014, early 2015. We will update this blog to keep you posted of the latest developments.