SOC Audits

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CertMike Explains SOC Audits

What is SSAE 18?

Statement on Standards for Attestation Engagements no. 18 (SSAE 18) is the new "attest" standard put forth by the Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA). The new SSAE 18 standard went into effect for any reports dated after May 1, 2017.

SSAE 18 supersedes SSAE 16, which in turn superseded the SAS 70 audit standard. SSAE 18 combines several prior SSAEs that were not related to SSAE 16. SSAE 16 was specific to SOC 1 reports which deal with the controls at a service organization that impacts the financial reporting of the customers of the service organization. By contrast, SSAE 18 refers to many different types of attestation reports, not just SOC 1 reports.

A service auditor's examination performed in accordance with the SSAE 18 standard represents that a service organization has been through an in-depth audit of its control objectives and control activities. SSAE 18 standards are a move toward more globally accepted accounting principles, which is evident when comparing the new U.S. standard from the AICPA to that of its international equivalent, ISAE 3402, put forth by the International Auditing and Assurance Standards Board (IAASB), a standard-setting board of the International Federation of Accountants (IFAC).

Understanding SOC 1 and SOC 2

SOC 1

SOC 1 is the reporting option for the SSAE 16 professional standard that results in a SOC 1 SSAE 16 Type 1 and/or a SOC 1 SSAE 16 Type 2 report.  SSAE 16 is for service organizations that have a credible relationship with Internal Control(s) over Financial Reporting (ICFR).

SOC 2

SOC 2 is the reporting option for companies that use cloud computing to transfer and store data and meet new business models and service types provided by service organizations within the last decade. SOC 2 reporting utilizes the AICPA AT Section 1010 and can be a Type 1 or a Type 2.  Additionally, SOC 2 reports are comprised of five Trust Services Principles (TSP), which are security, availability, processing integrity, confidentiality, and privacy.

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