Yes. Statement on Standards for Attestation Engagements (SSAE) No. 16 is effectively replacing the long-standing Statement on Auditing Standards No. 70 (SAS 70). SSAE 16 becomes effective for reporting periods that end on or after June 15, 2011. Additionally, SSAE 16 is an “attestation” standard, whereas SAS 70, introduced in 1992, was that of an “auditing” standard. It’s also important to note that service organizations under SSAE 16 have new reporting requirements, the two most notable being the following:
SSAE 16 requires service organization's to provide a description of its "system". There are many ways to describe what a "system" is, thus it's best to define it as the following: the services provided, along with the supporting processes, policies, procedures, personnel and operational activities that constitute the service organization's core activities that are relevant to user entities.
SSAE 16 and ISAE 3402 share a common framework that is a direct result of a convergence of accounting standards between the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA) and global standard setting framework advocated by The International Federation of Accountants (IFAC) and other relevant parties. In short, both SSAE 16 and ISAE 3402 represent the migration towards global accounting standards and have a framework which is highly similar.