Which report is commonly known as SSAE 16?

The correct identification of SSAE 16 is that it refers to the SOC 1 report. SSAE 16, which stands for Statement on Standards for Attestation Engagements No. 16, was established by the American Institute of Certified Public Accountants (AICPA) as an update to the SAS 70 report framework.

The SOC 1 report is specifically focused on financial controls and is used by service organizations to report on their internal controls relevant to their user entities’ financial reporting. This report provides assurance to users about the effectiveness of these controls, which is crucial for entities that rely on third-party service providers for aspects of their financial operations.

In contrast, the SAS 70 report (the predecessor to the SOC reports) has been rendered obsolete by the introduction of SSAE 16, and thus it is not applicable under the current standards. SOC 2 and SOC 3 reports cover various operational controls related to security, availability, processing integrity, confidentiality, and privacy, which are not the focus of SSAE 16. Therefore, the identification of SSAE 16 as a SOC 1 report is accurate within the context of the current standards governing attestation reports.