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The American Institute of CPAs has developed reporting options for organizations that utilize Internet-based services. The new Service Organization Control reports, formerly called SAS 70 reports, are designed to help companies that outsource services or tasks to third parties.
In a prepared statement, the AICPA said that the reports "provide a framework for CPAs to examine controls and to help senior management understand the related risks of outsourcing to a service provider." SAS 70 had been misused, the AICPA said, by companies to issue reports on controls related to outsource non-financial data rather than the correct attest standard which was in place.
The new reports include the following:
SOC 1 reports. Primarily an auditor-to-auditor communication, these address the controls at a service organization relevant to financial reporting. These are restricted use reports, not designed for promotional purposes.
SOC 2 reports. SOC2 is a response to the rapid growth in cloud computing and data outsourcing, They help clarify how reports on non-financial controls regarding information, such as data security, confidentiality and privacy should be structured.
SOC 3 reports. These cover the same subject matter as SOC 2, but in a general use, short form format which may be freely distributed.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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