Transitioning between System and Organization Control (SOC) reports
How a SOC 2® report can benefit organizations currently receiving a SOC 1 report
In 2011, the American Institute of Certified Public Accountants (AICPA) retired the SAS70 standard and replaced it with the SOC 1 and SOC 2® reporting vehicles. Service organizations have been providing their customers, clients and key stakeholders with controls assurance via one of these reports. Typically, a company would receive either a SOC 1 OR a SOC 2® report. However, many organizations receiving SOC 1 are also seeking a SOC 2® examination in response to their customers’ demand.
In this webinar, Baker Tilly discusses the key differences between the SOC 1 and SOC 2® report, and why a company receiving a SOC 1 report would need or benefit from a SOC 2® report.
Key learning objectives
After attending this webinar, participants will be able to:
- Identify the differences between the SOC 1 and SOC 2® report.
- Describe the applicability of the SOC 1 and SOC 2® report and the circumstances when the use of each report is appropriate.
- Determine if their organization should receive a SOC 2® report, or if a reports should be requested from key vendors.
- Recognize the additional effort needed to perform a SOC 2® examination if a SOC 1 is already being performed.
- Discuss the SOC 2® processing integrity criteria requirements and how they may or may not overlap with SOC 1 controls.
Who should attend?
This webinar is intended for service organizations that have SOC 1 examinations performed over their operations and are considering having a SOC 2® examination performed. Companies who receive SOC 1 reports from their key vendors may also find the webinar helpful to understand the benefits of receiving a SOC 2® report in addition to the SOC 1 report.
“75 percent of respondents answered 'No' to the question polling question 'If you currently undergo a SOC 2® examination, have you evaluated your controls to ensure agreement with the new 2018 Trust Services Criteria, which are now required?', during the Transitioning between SOC reports webinar on Feb. 12, 2019.”
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.
