New Audit Standards
For nearly 20 years, organizations that outsourced part of their functions to service providers have relied on SAS 70 reports to gain assurance that proper controls relevant to user entities internal control over financial reporting are in place at service organizations. With the globalization of outsourcing services and changes in regulatory landscape, the American Institute of Certified Public Accountants Auditing Standards Board issued Statement on Standards for Attestation Engagements (SSAE) No. 16 in January 2010. SSAE No. 16 is effective for reporting periods ending on or after June 15, 2011 which means that the new standards could affect organizations as . . . [more]


