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Today's businesses have seen a dramatic increase in the use of outsourced providers to assist with executing processes from payroll, accounts payable, information technology, benefit plan administration and many other core processes. These processes ultimately have an impact on an organization's internal control over financial reporting but also could impact compliance and operational issues.

In 2010, the Statement for Auditing Standards Attest Engagements (SSAE 16) replaced the former SAS70 Standard. This process is now effectively referred to as a Service Organization Control Report (SOC). Organizations who utilize outsourced providers should have an understanding of the various types of SOC reports, their intended use and their implication on a company's financial reporting process, regardless of your status as a publicly traded or privately held organization.  The process can be complicated to understand as a user organization. Currently, several types of SOC Reports exist including:

  • SOC 1 - Type 1
  • SOC 1 - Type 2
  • SOC 2 - Type 1
  • SOC 2 - Type 2
  • SOC 3

This course covers the requirements of SAS 70, the types of organizations requiring SOC reporting, the need for SOC standards, transitioning to SOC reporting, and determining what type of SOC report is relevant for the service organization as well as user entity requirements.

Course Collections

This course is included in the following Course Collections:

Learning Objectives

  • Identify the types of Service Organizations that may require a SOC report
  • Explore the transition of SAS 70 to SOC reporting
  • Recognize each type of SOC report and their relevant use and varying requirements
  • Explore how to determine what type of SOC report is relevant for the service organization and user organization
  • Recognize the expectations of the user entities for adequate SOC reporting

 

7 Reviews (21 ratings)Reviews

Anonymous Author
The information provided is very precise and well-organized. The time allotted in this course is just about right to get a general understanding of the different type of SOC reports.
5
Member's Profile
Liked the explanation for transition from SAS70 TO SSAE16 Standards
5
Member's Profile
Interesting information
4
Member's Profile
Very solid overview
5
Anonymous Author
Excellent course.
4
Anonymous Author
Good
5
Member's Profile
Good

Prerequisites

No Advanced Preparation or Prerequisites are needed for this course. 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION and OVERVIEW
Requirements, Types, and Standards
  8:27Requirements of SAS 70
  4:06Types of Service Organizations
  5:01Need for SOC Standards
Transitioning
  5:22Transition to SOC (SOC 1)
  12:12Transition to SOC (SOC 2)
Reports and Expectations
  8:02What Type of Report Do You Need?
  8:26User Entity Expectations
Continuous Play
  57:01Understanding the requirements for Service Organization Control reports (SOC)
SUPPORTING MATERIALS
  PDFSlides: Understanding the requirements for Service Organization Control reports
  PDFUnderstanding the requirements for Service Organization Control reports Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM