McLean, VA (PRWEB) June 27, 2012
Service Organization Control (SOC) reports include that of SOC 1, SOC 2, and SOC 3; each unique in their own right for service organization reporting on controls. What's interesting to note is that many organizations struggle in understanding the new AICPA alphabet of reporting options, of which there are many. NDB Accountants, a nationally recognized PCAOB CPA firm has thus provided the following 5 important points all companies need to know about regarding Service Organization Control (SOC) reports.
1. Why the change from SAS 70 to SOC? Service Organizations, and the global climate of reporting on controls for these entities, has changed dramatically since the inception of SAS 70 in April of 1992. The changing times forced the AICPA to respond with new reporting options.
2. What is SOC 1? It's the new global de facto reporting standard for service organizations and there's much to learn about SOC 1 SSAE 16 reports.
3. What is SOC 2 and SOC 3? The AICPA has given service organizations new reporting options that utilize the Trust Services Principles (TSP) along with the AT 101 professional standard.
4. SOC 1 and SOC 2 require a description of one's "system". That's right, the description of "system" is seen as being more comprehensive than the SAS 70 description of "controls".
5. Choose your SOC auditing firm wisely. NDB Accountants is nationally recognized, well-known, and provides competitive, fixed fees for Service Organization Reports (SOC).
For more information on Service Organization Control (SOC) reporting and on SOC 1, SOC 2, and SOC 3 pricing, please contact Charles Denyer at 1-800-277-5415, ext. 705 or Christopher G. Nickell at 1-800-277-5415, ext. 706.
NDB Accounts. Nationally Recognized providers of Service Organization Control (SOC) reporting and founders of the official SSAE 16 Resource Guide.