Q:

When is an SSAE 16 report issued?

A:

Quick Answer

A business receives an SSAE 16 report after an audit by the Auditing Standards Board of the American Institute of Certified Public Accountants. The audit reviews a business's internal financial controls and makes recommendations in the report.

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Full Answer

A low-end SSAE 16 report can cost a business as much as $15,000 as of July 2015. The business must decide if the report can save enough time, effort and money to justify the audit. A basic report reviews the business's IT and business process controls, and a more extensive report assists the business in developing these controls. The report also shows if the business's financial system is protected from unauthorized access, if the financial system operates as it should, and if system processing is timely and accurate.

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