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Last updated on April 18, 2014 at 21:21 EDT

SSAE 16 Professionals Has Unveiled a Specialty Service Line Focusing on SSAE 16 Audits for Payroll Service Providers

January 12, 2013

In an increasingly competitive business environment, SSAE 16 Audits are providing payroll service providers a competitive advantage amongst their competition. SSAE 16 Professionals has assembled top tier talent whose sole focus is on helping payroll service providers undergo the SSAE 16 audit.

Irvine, CA (PRWEB) January 11, 2013

SSAE 16 Professionals has unveiled a specialty service line focusing on SSAE 16 reports for payroll service providers. The primary function of a payroll service provider is the preparation and outsourcing of payroll for other businesses. With payroll being such an important function, many businesses will not even consider contracting with a payroll service provider if they do not have a SSAE 16. If payroll is processed incorrectly, it can have a material impact on the user organizations financial statements. Additionally, the payroll process is considered to be “in-scope” in terms of SOX compliance. If the payroll service provider does not have a SSAE 16, they may have to endure several audits by accounting firms throughout the year.

“Many payroll service providers are choosing SSAE 16 Professionals to perform their SSAE16 audit because of our personalized approach,” says Jim Jimenez, Managing Partner at SSAE 16 Professionals. “We have a unique blend of expertise coupled with good old fashioned client service.”

Industry Need

The Sarbanes-Oxley Act (SOX) requires publicly traded companies to perform an annual financial statement audit, which includes key processes that may impact the company´s financial statements. If these public companies outsource one of these key processes to a service organization, they will need to undergo an SSAE 16 audit. The SSAE 16 report can eliminate the need for a service organization to be subject to multiple audits from clients and their respective auditors. This will most likely eliminate service organizations receiving multiple visits from client auditors, which can place a huge strain and operational burden on a service organization´s limited resources. Even if clients of service organizations are not public companies, current and prospective clients are more likely to trust service organizations with their data or performing an important business process on their behalf because they will have the ability to review the SSAE 16 report and verify the effectiveness of a service organizations internal controls. This allows clients to manage their risks and exposures while outsourcing key business services to service organizations.

SSAE 16 (SOC 1) & SOC 2 Type I and Type II Audit Reports

SSAE 16 Professionals completes both SSAE 16 (SOC 1) and SOC 2 Type I Audit Reports and SSAE 16 (SOC 1) and SOC 2 Type II Audit Reports.

  •     SSAE 16 and SOC 2 Type I Reports – A report on policies and procedures placed in operation as of a specified point in time. SSAE 16 and SOC 2 Type I Reports evaluate the design effectiveness of a service provider´s controls and then confirms that these controls have been placed in operation as of a specific date.
  •     SSAE 16 and SOC 2 Type II Reports – A report on policies and procedures placed in operation and tests of operating effectiveness for a period of time. SSAE 16 and SOC 2 Type II Reports include the examination and confirmation steps involved in a Type I examination plus include an evaluation of the effectiveness of the controls for a period of at least six calendar months. Most user organizations require their service provider to undergo the Type II level examination for the greater level of assurance it provides.

About SSAE 16 Professionals

SSAE 16 Professionals is a leading provider that specializes solely in SSAE 16 readiness reviews, SSAE 16 Type I Reports, SSAE 16 Type II Reports, and other IT audit and compliance reports. Each of our professionals has over 10 years of relevant experience at “Big 4” and other large international or regional accounting firms. Each professional is certified as a CPA (Certified Public Accountant), CISA (Certified Information Systems Auditor), CIA (Certified Internal Auditor), CISSP (Certified Information Systems Security Professional), CRISC (Certified in Risk and Information Systems Control) and/or MBA (Master of Business Administration). For more information, please visit http://www.SSAE16Professionals.com.

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Source: prweb