SSAE 16 Engagements
Due to data security and accounting procedural concerns, credit grantors are increasingly requiring that their current and prospective agencies, such as Collection Agencies and Debt Buyers, to have an SSAE 16 audit. At HKG, LLP, we work with our strategic partners for consistent and efficient processing. For our SSAE 16 audit services, we exclusively service accounts receivables management organizations and help them attain and maintain this prestigious and necessary certification. We are also able to perform a readiness assessment, which is a necessary component in preparing for the SSAE 16 audit.
What is SSAE 16?
For report periods ending on or after June 15, 2011, SSAE 16 will be the standard for reporting on controls at service organizations, replacing the SAS 70. SSAE 16 is a body of accounting principles that provide more accepted global accounting principles between the AICPA and the international equivalent, ISA 3402. SSAE 16 brings new requirements, which organizations must recognize.
The critical requirements that are different from SAS 70 auditing standard include:
- SSAE 16 attest standard now requires a description of its "system," which is more comprehensive than the SAS 70 description of "controls."
- SAE 16 requires a written statement of assertion. The written statement of assertion must be developed by management and contain a specific clause for which management of the service organization will effectively "assert" to.
HKG is experienced and a qualified CPA firm to assist your organization with all issues related to SSAE 16.