SOC 1: A New Report for a New Era

After nearly two decades of use, Statement on Auditing Standards (SAS) No. 70 reports are no more. The American Institute of Certified Public Accountants has a new auditing standard Statement on Standards for Attestation Engagements (SSAE) No. 16, that results in a new report (SOC 1) for service organizations to use to demonstrate the quality of their internal controls over financial reporting. Service organizations looking to issue their first SOC 1 reports can learn from the experience of early adopters.