TMCnet News
Service Organizations Impacted by New System and Organization Controls (SOC) 2 Report GuidanceA flash poll conducted by Baker Tilly Virchow Krause, LLP (Baker Tilly) indicates 86 percent of service organization respondents think they will be impacted by new SOC 2 guidance released by the American Institute of Certified Public Accountants (AICPA) on March 14, 2018. "As vendor management continues to rise in priority among most organizations, the SOC 2 reporting framework has become an effective tool for providing insight and assurance regarding a service organization's system to external IT risk and compliance stakeholders," Mark Boettcher, senior manager with Baker Tilly's risk, internal audit and cybersecurity practice, said. "Organizations must apply judgment on how to adopt some of the guidance for SOC 2 reports, including augmenting current processes and controls." "Organizations with a Sept. 30 period end may think this is an issue that can be addressed next year; however, controls should be in place by the time your next period starts on Oct. 1," Emily Di Nardo, manager with Baker Tilly's risk, internal audit and cybersecurity practice, said. "Clients should evaluate the changes and resulting impacts, identify control gaps and verify remediation is conducted to ensure the proper controls are implemented in time."
The webinar presenters discussed:
1. Key updates in the newly released SOC 2 guide, and how they impact
the reports
Presentation slides and a recording of the webinar are available at bakertilly.com/insights/system-and-organization-controls-soc-latest-soc-2-guidance-updates-and-impa
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