The Sarbanes-Oxley regulations present a myriad of challenges for organizations seeking to maintain financial statement compliance. The Service Organization Controls (SOC) I Report (also known as the SSAE16 Report) provides reporting on controls relevant to internal control over financial reporting for a specific organization. The SOC II Report is based on pre-defined criteria designed to measure controls relevant to the American Institute of CPA’s (AICPA) Trust Services Principles. Within each of these reports, there are two classifications of report type. In a Type I report, the design of controls within the organization are reviewed and evaluated. In a Type II report, the control design is tested for operational effectiveness over a period of time.
Veris Group is uniquely positioned to provide SOC advisory and assessment capabilities. We specialize in delivering solutions critical to organizations and clients seeking to maintain SOC compliance through review and analysis of existing control documentation, Type I control design evaluations and reports, and Type II control testing and reports for operational effectiveness against the AICPA’s Trust Services Principles.
Veris Group provides SOC advisory or assessment support as part of our integrated compliance service offering for Payment Card Industry (PCI), FedRAMP, HITRUST (HIPAA/HITECH), and others, providing analysis, reporting, and a strategic roadmap for organizations seeking to improve their compliance standing.