SSAE 16 and ISAE 3402: Preparing for New Service Company Control Standards

Mastering Requirements Governing Your Next Controls Report

Recording of a 110-minute CPE webinar with Q&A


Conducted on Wednesday, February 16, 2011

Recorded event now available

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Program Materials

This teleconference will prepare auditing professionals to meet a service organization client's particular needs with regard to an internal controls report, under the new requirements of SSAE 16 and ISAE 3402.

Description

As of June 15, 2011, the AICPA's Statement on Standards for Attestation Engagements No. 16 (SSAE 16) replaces SAS 70 as the U.S. standard for reporting on a business service provider's internal controls. IASB International Standard on Assurance Engagements No. 3402 (ISAE 3402) kicks in the same day.

Auditors examining service companies' controls and preparing reports should prepare now for different attestation rules such as a required written management assertion, sub-service organization reporting, more comprehensive description of a service company's system, and clearer risk identification.

A smooth transition to the SSAE 16/ISAE 3402 regime depends on grasping the new rules and leveraging the existing SAS 70 reporting process. A material briefing on the key differences with SSAE 16 and ISAE 3402, coupled with best practices for reporting, will fortify your service client work.

Listen as our panel of veterans in outside audits offers insights to help you grasp new terms and nuances of SSAE 16 and ISAE 3402 vs. SAS 70, and anticipate hurdles in your firm's next controls report for a service organization.

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Outline

  1. Key terms of AICPA SSAE 16 and IASB ISAE 3402
    1. Key differences from AICPA SAS 70
      1. Assurance, attestation standards, as opposed to audit standard
      2. Written assertion by management required
      3. Written assertion, and letter or representation, required from sub-service organizations used
      4. Need for a more inclusive description of the service company’s system
      5. Clearer identification of risks threatening achievement of control objectives
      6. Other important terms of SSAE 16 and ISAE 3402
      7. What hasn’t changed from SAS 70
  2. Other legal and regulatory developments affecting control reports
    1. Anticipated AICPA audit guide
    2. Changes to SEC Rule 206(4)-2 on custody of assets
    3. Dodd-Frank Act and push for greater transparency
  3. Preparing Type 1 and Type 2 reports going forward
    1. Determining adequacy of monitoring procedures and basis for assertions
    2. Reviewing and updating evaluation criteria
    3. Modifying service agreements as needed
    4. Other key activities, and best practices to handle them

Benefits

The panel will explore these and other important aspects of control reports:

  • Familiarizing yourself with the material terms of SSAE 16 and ISAE 3402 and their fundamental differences and similarities with SAS 70.
  • Creating a bridge from a client's current SAS 70-based controls evaluation process to one based on the new attestation standards.
  • Leveraging best practices for creating an effective SSAE 16 Type 1 or Type 2 report.

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Scott Price
Scott Price
Director
A-lign CPAs

He is an experienced SAS 70 auditor, having served on more than 700 such audits, and was president of the SAS 70...  |  Read More

Daniel Schroeder
Daniel Schroeder

Partner
Habif Arogeti & Wynne

He is Partner-In-Charge of the firm's Audit and Assurance Services Practice and works routinely on service organization...  |  Read More

George Fallon
George Fallon
Partner
Clifton Gunderson

He is attached to the firm's IT Group for the Mid-Atlantic Region. He has more than 29 years of experience and...  |  Read More

Victor Eckstein
Victor Eckstein
Principal
Grant Thornton

He is attached to the firm's Business Advisory Services Group. He has more than 20 years of experience with...  |  Read More

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