Soc reports.

Service Organization Control (SOC) 1 reports are performed in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 18.  SSAE 18 has essentially replaced the aging and historical SAS 70 and SSAE 16 auditing standards for reporting periods dated on or after May 1, 2017. Much like SAS 70, SSAE 18 provides two (2) reporting options; Type 1 a service organization's system and the suitability of the design of controls", while a SOC 1 SSAE 18 Type 2 Report is officially a "Report on management's description of a service organization's system and the suitability of the design and operating effectiveness of controls".

SSAE 16 reporting, specifically Type 1 and Type 2 assessments, are being required by more and more organizations today, especially those that provide critical outsourcing functions for other entities. Think of payroll companies, Third Party Administrators (TPA), data centers - just to name a few - and you're on the right track. With such prominence being placed on SSAE 16 reporting, it's important to learn about the ACIPA standard that effectively replaced the longstanding SAS 70 auditing standard from 1992.  As such, take note of the following five (5) important things to know about SSAE 16 reporting:

The SSAE 16 management assertion is a requirement whereby management of the service organization provides the practitioner (i.e., the CPA performing the actual SSAE 16 engagement) with a written assertion that essentially "asserts" to a number of clauses and provisions for purposes of SSAE 16 compliance.  And it's also important to note that this written assertion is identified by any number of similarly related phrases, such as the following:

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