SSAE18 Engagements for Service Organizations
The AICPA and ASB announced the new auditing standards SSAE18. With the addition of the new management reporting and the system audit, SSAE18 has replaced the former SSAE 16 and SAS70 standardization making it now obsolete. At WY Technology it is our mission to make this new road less of a challenge and more easy to navigate. Allow us to be the driving force on the road to growth.
This new standard replaces SSAE 16 for SOC 1 engagements and goes into effect for reports dated after May 1, 2017. It is important to note that the SSAE 16 standard was specific to service organizations and the SSAE 18 is for all attestation engagements. The changes made to the new standard require companies to take more ownership of their own internal controls around the identification and classification of risk and appropriate management of third party vendor relationships. The goal is aimed toward closing the loop in key areas that industry professionals noted gaps in many service organization’s reports. While SSAE 18 is a US standard, it does mirror the ISAE 3402. (International Standard on Assurance Engagements)
You may Contact WY Technology, for a full assessment of your organization’s auditing and assurance needs.