SOC1/SSAE16 Examinations

SSAE 16 examinations, also known as SOC 1 examinations, assess controls at service organizations that are relevant to user entity’s internal control over financial reporting. Statement on Standards for Attestation Engagements (SSAE) No. 16 replaced the SAS 70 audit standard in 2011. The primary purpose of an SSAE 16 report is to provide user organization and their financial statement auditors with an understanding of the services being provided and a ‘CPA firms’ opinion as to whether the description is fairly presented, the controls are suitably designed, an in the case of a “Type 2″ report, whether the controls were operating effectively over a specified period of time. SOC1 examinations typically cover business process and IT general controls of a service organization.

Reckenen’s SSAE 16 / SOC 1 services include:

Type 1 SSAE 16 (SOC 1) Examinations:

In a SOC 1 – Type 1 engagement, we express our opinion on whether:

  • management’s description fairly presents the service organization’s system (“the system”) that was designed and implemented as of a specified date; and
  • the controls related to the control objectives stated in management’s description of the system were suitably designed to achieve those control objectives as of the specified date.

Type 2 SSAE 16 (SOC 1) Examinations:

In a SOC 1 – Type 2 engagement, we express our opinion on whether:

  • management’s description fairly presents the system that was designed and implemented throughout the specified period;
  • the controls related to the control objectives stated in management’s description the system were suitably designed throughout the specified period to achieve those control objectives; and
  • the controls related to the control objectives stated in management’s description the system operated effectively throughout the specified period to achieve those control objectives

SOC1 Readiness Assessment:

In a SOC1 readiness assessment engagement, we determine the service organization’s preparedness though a formal gap analysis process.

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