Home > How It Works > FAQ > What is the significance of an ISAE 3402 ...

What is the significance of an ISAE 3402 audit report? How is this different to the old SAS 70 Type II audit?

ISAE 3402 is the new international standard for assurance reporting on service organisations, based on recommendations from the International Auditing and Assurance Standards Board (IAASB), a standard-setting board that is part of the International Federation of Accountants (IFAC).

Before June 2011 GoldMoney was audited under standards established in the American Institute of Certified Public Accountants’ (AICPA) SAS 70 Type II audit. This assessed the internal controls operating within a company and verified the controls in place. Examples of controls could be "dual signatures are required for all payments above $10,000 in value" or "error log files are reviewed by IT staff at least once a week". As of 15 June 2011, the SAS 70 has been superseded by AICPA’s new SSAE 16 audit.

GoldMoney’s new ISAE 3402 standard was issued in December 2009 and is largely the same as the old SAS 70 Type II audit, but is enhanced by the fact that GoldMoney must now provide evidence to its auditors that it tests its internal controls on an on-going basis. ISAE 3402 will be the new international benchmark for auditing standards, and a primary alternative to the national standards established by AICPA and similar bodies in other countries.

More information about the ISAE 3402 reporting standard can be found at this link: http://isae3402.com/ISAE3402_overview.html.