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SSAE 16 SOC 1 2 3 and 5 Important Points You Need to Know About

Santa Monica, CA (PRWEB) June 01, 2012

SSAE 16 SOC 1 2 3 is the new AICPA alphabet of service offerings under their Service Organization Control (SOC) reporting platform. Though it may sound confusing at first, the SOC framework is actually laid out in a logical and easy-to-understand manner, for which service organizations can learn more about by educating themselves on 5 important points regarding SSAE 16 SOC 1 2 3. Gaining a solid understanding of these issues greatly assists in determining which SOC reporting option is best for today’s growing and ever-changing service organizations. Brought to you by NDB Accountants, a nationally recognized PCAOB CPA firm specializing in regulatory compliance.

It seems as if there’s much confusion as to the who, what, where, and why of the new AICPA Service Organization Control (SOC) reporting platform, which is due in large part to the alphabet of service offerings now available to service organizations. Let’s clear the air on some of these issues surrounding SSAE 16 SOC 1 2 3 by giving organizations a concrete understanding of the following 5 important points:

1. What exactly does “SSAE 16 SOC 1 2 3” mean? SSAE 16 is the new standard put forth by the AICPA for reporting on controls at service organizations. Additionally, it’s the professional standard used for issuing reports under the SOC 1 reporting option. SOC 2 and SOC 3, also part of the AICPA SOC reporting platform, utilizes the AT 101 professional standard.

2. What is SOC 1? It’s now become the de facto standard used for reporting on controls at service organizations for reporting periods ending on or after June 15, 2011. Learn more about SOC 1.

3. What is SOC 2? It’s the new reporting option for today’s cloud-computing, Software as a Service (SaaS), and technology related firms. Learn more about SOC 2.

4. What is SOC 3? It’s a reporting option that utilizes the five (5) Trust Services Principles (TSP) that form the framework for what is known as SysTrust/WebTrust audit and assurance services, also known as the Trust Services. Learn more about SOC 3.

5. Which SOC Reporting option should we use? Discussing reporting options with a well-qualified PCAOB CPA firm is the first step to undertake.

NDB Accountants. A nationally recognized PCAOB CPA firm specializing in SOC reporting.

Contact Charles Denyer at 1-800-277-5415, ext. 705 or Christopher G. Nickell at 1-800-277-5415, ext. 706 to learn more about our competitive, fixed fee rates.

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