What is ISAE certification?
The International Standards for Assurance Engagements (ISAE) 3402 is an international assurance standard for reporting on controls at service organizations to protect shareholders and the general public from accounting errors and fraudulent practices.
What is a ISAE 3402 Type 2 report?
ISAE 3402 defines two kinds of reports: Type I: Documenting a “snapshot” of the organization’s controls. Type II: Documenting over a period of time (typically 12 months) showing controls have been managed over time.
Is ISAE 3402 the same as SOC 1?
Generally, a SOC 1 report and an ISAE 3402 report are the same. In practice these terms are used as synonyms. Formally, a SOC 1 report is attested by an US CPA and an ISAE 3402 report is attested by an international auditor who works in compliance with the IFAC requirements.
What is the difference between ISAE 3000 and 3402?
The difference between ISAE 3402 and ISAE 3000 is that, whilst an ISAE 3402 report covers a service organisation’s internal controls that are most likely relevant to a user organisation’s internal control over financial reporting, the ISAE 3000 standard covers independent assurance engagements other than audits or …
What is the difference between ISAE 3402 and SSAE 18?
SSAE 18 is relevant for the US market while ISAE 3402 is relevant for the rest of the world. The assessment report illustrates the positive effects of properly functioning and articulated control environment to an organization’s senior management and our clients.
Is ISAE 3402 the same as SOC 2?
ISAE 3402 is a third party (mainly suppliers) assurance mechanism in the form of SOC (Service Organisation Controls). There are three kinds of SOC reports: SOC1 report – Relates to assurance on controls that could impact financial statements. SOC2 report – Relates to assurance on IT controls.
What is the difference between SSAE 16 and ISAE 3402?
SSAE 16 requires the service auditor to adapt and apply U.S. auditing standards guidance when the service auditor uses members of the service organization’s internal audit function to provide direct assistance. ISAE 3402 does not provide for use of the internal audit function for direct assistance.
What is the difference between SSAE 18 and ISAE 3402?