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A practitioner is allowed to perform either of two types of attestation engagements for reporting on internal control: (1) examination or (2) review. Attestation standards provide guidance for performing assurance services with respect to several types of engagements, including prospective financial statements.

What Is an Attestation Service? Audit. An audit is an in-depth type of attestation service, and it will provide an unbiased opinion on your financial statements. ... Review. A review involves performing inquiries and applying analytical procedures to obtain evidence about the financial statements. ... Compilation.

Is SSAE 18 still relevant to organizations? Yes, SSAE 18 is still relevant.

Why did SSAE 16 replace SAS 70? In an effort to move toward international accounting standards, the AICPA issued Statement of Standards for Attestation Engagements 16 (SSAE 16) in April 2010. It replaced SAS 70 and was designed to closely mirror International Standard on Assurance Engagements 3402 (ISAE 3402).

The four categories of attestation services are audits of historical financial statements, attestation on the effectiveness of internal control over financial reporting, reviews of historical financial statements, and other attestation services.

There are three main types of attest functions including a comprehensive examination, a review of an examination completed by another party, and a partial examination that is limited to an analysis of specific procedures.

What is SAS 70? SAS 70? is an internationally recognized third party assurance audit designed for service organizations. It has become the most widely accepted compliance initiative that provides service organizations a benchmark to compare their internal controls and processes against industry best practices.

SOC 1, SOC 2, and SOC 3 reports are all attestation reports. An assurance/attestation report that provides assurance on a service organization's system of internal controls, that are relevant to the internal controls over financial reporting of a user organization.