Companies Can Use the Statement on Standards for Attestation Engagements

question 56

True/False

Companies can use the Statement on Standards for Attestation Engagements (SSAE) No. 16, to ensure that company data is protected in an outsourcing arrangement.

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Definitions:

Assets

Assets are possessions or property that a company owns or controls, anticipated to yield benefits in the future.

Claims

Demands for payment or entitlements to compensation for loss, damage, or injury; often encountered in insurance and legal contexts.

Creditors

Entities or organizations that provide loans or offer credit facilities to people.

Liabilities

Liabilities are financial obligations or debts that a company owes to others, which are expected to be settled in the future through the transfer of assets, provision of services, or other economic benefits.