The American Institute of Certified Public Accountants has introduced several reforms to its auditing standards and created another layer of confusion for credit unions that outsource to service providers.
The 19-year-old Statement on Auditing Standards 70 was replaced with the Statement on Standards for Attestation Engagements 16 with the primary change being attestation by service-provider management that audited controls are in place.
The AICPA also introduced two additional standards and created an organization of the three called service organization controls. An SOC 1 is the new SSAE 16. SOC 2 and SOC 3 are new reports focusing on data security. Meanwhile, there already was in place an audit totally focused on data security: the shared assessments program.
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