United States

SOC 1 changes ahead

INSIGHT ARTICLE

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As demands for various types of assurance continue to expand, the American Institute of Certified Public Accountants (AICPA) has revised its attestation standards to make them easier to read, understand and apply. The new standard, Statement on Standards for Attestation Engagements (SSAE) No. 18, AT-C Section 320, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting, supersedes SSAE No. 16, AT Section 801.

AT-C Section 320 is specific to Service Organization Controls (SOC) 1 reports, which include internal controls over financial reporting. The new standard applies to reports dated on or after May 1, 2017, but organizations may choose to adopt to the new standard before that date. The new standard has various additional updates from the current standard, download the article for further information. 

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