SASor SSAEor SOCWhich Report Should You have?

Change Is here

What continues to be known as a "SASReport" may be refreshed with the American Institute of Certified Public Accountants (AICPA) with new guidance for reporting on service companies. This guidance replaced SASfor reports covering periods ending on or after June , .

The original intent of an SASreport was to contact auditors concerning financial statement assertions. More than time, SASmorphed in to a marketing tool; a "certification" for security, availability, along with other assertions unrelated to controls more than financial reporting. As organizations have grow to be increasingly worried about risks beyond financial reporting, a brand new suite of reports was required to fulfill the wants of those companies.

The AICPA's response was to provide choice remedies for reports intended to give users of thirdparty services comfort around these operational controls relevant to themsecurity, processing integrity, availability, confidentiality and privacy. These options are encompassed in the new AICPA Service Corporation Control (SOC) reports. Rather than possessing a single report designed for financial reporting, there now are three versions of your Service Corporation Control ReportSOC , SOC , and SOCreports, every single serving a distinctive purpose:

SOC Report on Controls in a Service Business Tightly related to Consumer Entities' Internal Control over Financial Reporting

SOC Report on Controls in a Service Corporation Strongly related Security, Availability, Processing Integrity, Confidentiality and/or Privacy

SOC SysTrust for Service Businesses Report

Key Alterations to Reporting

The new standards alter the information from the report, as well as the reporting method for your service organization. The required modifications provide your organization an chance to differentiate and supply elevated relevancy to your clients. Service organizations are needed to offer some with the system

written assertion

Selecting Your SOC Report

The original intent of an SASreport was to contact auditors concerning financial statement assertions. More than time, SASmorphed in to a marketing tool; a "certification" for security, availability, along with other assertions unrelated to controls more than financial reporting. As organizations have grow to be increasingly worried about risks beyond financial reporting, a brand new suite of reports was required to fulfill the wants of those companies.

The AICPA's response was to provide choice remedies for reports intended to give users of thirdparty services comfort around these operational controls relevant to themsecurity, processing integrity, availability, confidentiality and privacy. These options are encompassed in the new AICPA Service Corporation Control (SOC) reports. Rather than possessing a single report designed for financial reporting, there now are three versions of your Service Corporation Control ReportSOC , SOC , and SOCreports, every single serving a distinctive purposeWhen picking out a Service Organization Control Report (a SOC report), think about your audience. Who's likely to utilize this report as well as for what objective? Does your audience include auditors who want facts relating to your controls as well as the test results, or will a generaluse report fulfill their demands?

As you transition from your SASreport to a new SOC report, you will also need to consider your system as well as the kinds of transactions you method. Solutions about bat roosting inquiries will assist make certain you prepare the SOC report which very best fits your organization.

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