Learn important issues regarding SSAE 16 SOC 1 Type II compliance from the experts at NDB.
Atlanta, GA (PRWEB) June 05, 2013
SSAE 16 SOC 1 Type II reporting is becoming a household name for thousands of businesses across North America as regulatory compliance mandates continue to grow for many of today’s most noted industries. Organizations new to SSAE 16 SOC 1 Type II reporting undoubtedly have numerous questions and concerns regarding audit pricing, scope, timeframe, and other relevant issues. NDB Accountants & Consultants (NDB) has put together a comprehensive list of critical items all businesses should be aware of regarding SSAE 16 SOC 1 Type II reporting.
1. Understand the SOC framework and SSAE 16. The AICPA Service Organization Control (SOC) framework includes three (3) important reporting options businesses should know about: SOC 1, SOC 2, and SOC 3.
2. Scoping is critical. Keeping costs down while also meeting client expectations falls squarely on the shoulder of audit scope, thus it’s important to learn essential tips and recommendations for effective audit planning.
3. Readiness Assessments. Crawling before you walk - as the old saying goes - is a wise decision, especially when it comes to SSAE 16 SOC 1 Type II reporting.
4. Policies and Procedures. They're a big - and getting bigger - part of compliance for SSAE 16 SOC 1 Type II reporting, and for SOC 2 and SOC 3 reporting also. Simply stated, operational and information security policies and procedures are a must for SOC compliance.
5. Two notable reporting requirements. SSAE 16 SOC 1 Type II reporting mandates that service organizations provide a description of its "system" along with a written statement of assertion.
6. Welcome to regulatory compliance. Once an organization has undergone their initial year of SSAE 16 SOC 1 Type II reporting, expect an annual commitment for such compliance endeavors.
To learn more about SSAE 16 and the AICPA Service Organization Control (SOC) reporting platform, visit the official SSAE 16 Resource Guide, developed exclusively by NDB.
Additionally, contact Christopher G. Nickell, CPA, at 1-800-277-5415, ext. 706, to receive a competitive, fixed fee for SOC 1, SOC 2, and SOC 3 reporting.