SOC 3 reporting, using the SysTrust and WebTrust principles, will become a mainstay in today's regulatory compliance arena.
Santa Monica, CA (Vocus/PRWEB) March 11, 2011
SysTrust and WebTrust audit and assurance services, also known as Trust Services, are a broad-based set of principles and criteria put forth jointly by the American Institute of Certified Public Accountants (AICPA) and the Canadian Institute of Chartered Accountants (CICA). These Trust Services are now gaining much attention as they've become a critical component of the new AICPA SOC 3 framework. Get the facts on these important SysTrust and WebTrust developments that are fast shaping the regulatory compliance arena.
The need for Trust Services, such as SysTrust and WebTrust, have grown considerably in recent years, due in large part to the advent and growth of e-commerce and e-business, which has resulted in tremendous amounts of sensitive and confidential data traversing from entity to entity, many times involving financial related information. We all live in a digital world where information is transparent, readily available, and can be accessed anytime by almost anyone, anywhere. Thus, the need to protect e-commerce systems and other supporting I.T. platforms has become a top priority for businesses throughout the globe.
Thus, when alternative attest and advisory services are not preferable, organizations can look to the Trust Services Principles and Criteria, which are issued under the AICPA SOC 3 guidance, for addressing risks related to I.T., such as validating that security, availability, processing integrity, confidentiality, and/or privacy provisions are in place. Unlike SAS 70 or even the SOC 1 framework, both of which are technically geared towards reporting on internal controls related to financial reporting (ICFR), SOC 3 will help re-shape, refine and bring true value to reporting on third-party service providers engaged in e-commerce, e-business and other I.T. related services.
Want to learn more about SysTrust and WebTrust along with the new SOC 3 framework put forth by the American Institute of Certified Public Accountants (AICPA)? Curious as to the technical differences between an actual SysTrust and WebTrust audit and assurance service performed by a CPA firm? Then visit the SSAE 16 Resource Guide, developed by NDB Accountants & Consultants, where you can view the entire article.
About NDB Accountants & Consultants (NDB)
NDB is nationally recognized, PCAOB CPA firm providing regulatory compliance services relating to the new AICPA SOC framework, along with global assurance reporting under ISAE 3402. We also provide a wide-range of other industry leading audit and assurance services for HIPAA, GLBA, and Regulation AB, just to name a select few.