SSAE 16 SOC 1 2 3 can be quite confusing at first, and to be fair, when the American Institute of Certified Public Accountants (AICPA) replaced the antiquated and aging SAS 70 auditing standard, grumblings as to the who, what, where, and why of SSAE 16 SOC 1 2 3 came about. Let's clear the air about SSAE 16 SOC 1 2 3 and provide you with the following 5 important points you should know about:
1. What exactly does "SSAE 16 SOC 1 2 3" mean? Well, SSAE 16 is part of the new Service Organization Control (SOC) reporting platform put forth by the AICPA, for which there are three (3) reporting options; a SOC 1, SOC 2, or SOC 3. Confusing? Let's break it down some more! Learn more about NDB's complimentary SOC 1 Policy Packets and SOC 2 Policy Packets. They truly make a big difference in helping service organizations save thousands of dollars on SOC compliance
SOC 2 compliance is quickly become a hot topic in today's world of technology and cloud computing, and as such, service organizations should take note of 5 important items regarding this specific Service Organization Control (SOC) reporting framework.
1. SOC 2 compliance is part of the AICPA Service Organization Control (SOC) reporting platform. In an effort to dramatically revamp reporting on service organizations (and to align with the growing trend of globally accepted accounting principles), the American Institute of Certified Public Accountants (AICPA) launched the SOC reporting platform, for which there are three (3) reporting options: SOC 1, SOC 2, and SOC 3.
SSAE 16 SOC 1 Type 2 reports are being issued at a feverish pace these days, thanks in large part to the launch of the American Institute of Certified Public Accountants' (AICPA) Service Organization Control (SOC) reporting framework, which consists of SOC 1, SOC 2 and SOC 3 reporting options. In today's alphabet world of regulatory compliance mandates, it's vitally important you learn about SSAE 16 SOC 1 Type 2 reports, thus take note of the following 5 points:
1. Say Hello to SSAE 16 and Goodbye to SAS 70. Statement on Auditing Standards No. 70 (SAS 70) was a widely used reporting tool for service organizations all throughout the globe. However, the migration towards more globally accepted accounting principles has put SAS 70 in the rearview mirror, with ISAE 3402 and SSAE 16 racing down the regulatory compliance highway together at full speed.
SOC 1 Type 2 reports are part of the new AICPA Service Organization Control (SOC) reporting framework, and as such, there are a number of critical points your organization should now about regarding the new reporting standard that has effectively replaced SAS 70 for reporting periods ending on or before June 15, 2011. Take note of these following 5 issues regarding SOC 1 Type 2 reporting:
1. SAS 70 has been replaced. After almost 20 years of faithful service, Statement on Auditing Standards No. 70 is with us no more. It became a very well-known (but often misused) auditing standard for reporting on controls at service organizations, over time becoming the de-facto global standard for which all other reporting options were measured against.