Irvine, CA (PRWEB) January 21, 2013
SSAE 16 Professionals has unveiled a specialty service line focusing on SSAE 16 (SOC 1) and SOC 2 reports for Software as a Service (SaaS) companies. In today’s demanding and competitive marketplace, small and medium sized businesses are increasingly looking to reduce costs by leveraging Software as a Service (SaaS). Samples of SaaS include customer relationship management (CRM), enterprise resource planning (ERP), invoicing, human resource management (HRM), content management (CM) and service desk management. Customers like SaaS because it provides an efficient business model of providing web-based services to customers over the internet/cloud, plus there is no need to employ expensive software developers in-house to develop, maintain, and upgrade software. Additionally, SaaS companies provide technical support, physical and logical security and built-in support for business continuity and flexible working. Given the dependence user organization’s put into internal controls at SaaS, many customers want to review the SaaS’ SSAE 16 or SOC 2 report for the comfort and transparency it provides.
“Many Software as a Service (SaaS) companies are choosing SSAE 16 Professionals to perform their SSAE16 audit because of our personalized approach,” says Jim Jimenez, Managing Partner at SSAE 16 Professionals. “We have a unique blend of expertise coupled with good old fashioned client service.”
SSAE 16 (SOC 1) Reports, which have effectively replaced SAS 70 reports, will be prepared in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization. SOC 1 reports retain the original purpose of SAS 70 by providing a means of reporting on the system of internal control for purposes of complying with internal control over financial reporting. The Sarbanes-Oxley Act (SOX) requires publicly traded companies to perform an annual financial statement audit, which includes key processes that may impact the company’s financial statements. If these public companies outsource one of these key processes to your company, you will need to undergo an SSAE 16 (SOC 1) audit. The SSAE 16 report can eliminate the need for your company to be subject to multiple audits from your customers and their respective auditors, most likely eliminating the need for your company receiving multiple visits from your customers’ auditors, which can place a huge strain and operational burden on your company’s limited resources.
In the past, SAS 70 reports encompassed financial reporting controls, operational controls, and compliance controls. SSAE 16 SOC 1 reports, which have effectively replaced SAS 70 reports, will be prepared in accordance with Statement on Standards for Attestation Engagements (SSAE) No. 16, Reporting on Controls at a Service Organization. SSAE 16 SOC 1 reports can no longer be used for any other purpose except for reporting on the system of internal control for purposes of complying with internal control over financial reporting. For reports that are not specifically focused on internal controls over financial reporting, the AICPA has issued an interpretation under AT Section 101 permitting service auditors to issue reports. These reports will now be considered SOC 2 audit reports. SOC 2 reports will focus on controls at a service organization relevant to one or more of the following Trust Services principles: Security, Availability, Processing Integrity, Confidentiality, and Privacy.
SSAE 16 (SOC 1) & SOC 2 Type I and Type II Audit Reports
SSAE 16 Professionals is a leading provider that specializes solely in SSAE 16 readiness reviews, SSAE 16 Type I Reports, SSAE 16 Type II Reports, and other IT audit and compliance reports. Each of our professionals has over 10 years of relevant experience at “Big 4” and other large international or regional accounting firms. Each professional is certified as a CPA (Certified Public Accountant), CISA (Certified Information Systems Auditor), CIA (Certified Internal Auditor), CISSP (Certified Information Systems Security Professional), CRISC (Certified in Risk and Information Systems Control) and/or MBA (Master of Business Administration). For more information, please visit http://www.SSAE16Professionals.com.