SOC 1 Reports (Formerly SSAE 16)
In addition to offering companies the MSP/Cloud Verify examination, the MSPAlliance also has the capability to provide Service Organization Control (SOC) audit reports. While the MSP/Cloud Verify certification is globally recognized for cloud and manage service excellence, sometimes our members (including their customers) are asked for SOC audits. Our approach is unique in that we can issue a SOC 1 audit based on the principles and controls embodied in the MSP/Cloud Verify program.
By blending the MSP/Cloud Verify program and the SOC 1 report together, this “dual certification” offers companies a cost-effective and comprehensive audit that is specific to your profession.
Not all SOC 1 audit reports are the same
Why? Because, depending on the auditor you use, you may get controls that are not suited to your business model, and more importantly, unimportant to your customers. You may also get an auditor that is really good at accounting but has little knowledge about managed services specific technologies, processes, and service delivery characteristics. Getting a SOC 1 audit report that is based on standards specific to cloud computing and manage service is crucial to providing your customers with the assurance they require.
Our team of trained and experienced global auditors can leverage the MSP/Cloud Verify to significantly
- a) decrease the engagement time
- b) maintain out of control costs
- c) apply controls relevant to your business model!
SOC 1 Overview
The American Institute of Certified Public Accountants (AICPA) and the International Auditing and Assurance Standards Board (IAASB) recently issued new guidelines for an auditor’s report on the controls of a service organization, commonly referred to as a “SAS 70” report. Beginning with reporting periods ending on or after June 15, 2011, reports on controls at those service organizations will be performed in accordance with one of the following new standards:
- Statement on Standards for Attestation Engagements No. 18 (SSAE 18) – Reporting on Controls at a Service Organization, or
- International Standards on Attestation Engagements No. 3402 (ISAE 3402) – Assurance Reports on Controls at a Service Organization.
If customers or partners request SOC 1 audit or if you want to know more about the MSP/Cloud Verify program, please contact [email protected] or call 530-891-1340.