Building up trust and endorsing business relationships is essential for financial markets. As a consequence the global demand for assurance increased the past years. International standard setters have issues standards, such as ISAE 3000 and related guidance for non-audit assurance services. The key organisation for these standards is the IFAC – the International Federation of Accountants.

ISAE 3000 and ISAE 3402 are both standards issued by IFAC. These standards can support you in considering the areas of assurance your business might require.

The International Standard on Assurance Engagement – ISAE 3000 “Assurance engagements other than audits or reviews of historical financial information” is the IFAC’s most significant standard in this area. Another significant standard is ISAE 3402 “Assurance Reports on Controls at a Service Organization”.

ISAE 3000 is applicable for assurance that is not covered by a subject-specific engagement standard. ISAE 3000 is also a general framework for other subject-specific engagements and may also be referred to in subject-specific assurance reporting. Examples of application of the ISAE 3000 standard are assurance on sustainability, compliance with contractual agreements, assurance reporting on information technology, management information flows, risk management, ethics and behavior, and governance.

ISAE 3402 is an international subject-specific standard. ISAE 3402 is widely applied by pension administrators, investments manager and SaaS-providers. ISAE 3402 is also used for reporting on internal controls over financial reporting by third-party providers.