UPDATES + INSIGHTS

Article Summary

• A SOC exam typically spans multiple phases:control gap assessment (hours to days), control design and implementation (1–6 months), fieldwork (3 days–3 weeks), and reporting (1–2 months).
• Identifying whether a SOC 1, SOC 2, or SOC 3 report is needed depends on whether services...

Article Summary

• SOC reports provide assurance that a service organization’s internal controls are designed and operating effectively.
• SOC 1 focuses on financial reporting controls, while SOC 2 addresses security, availability, processing integrity, confidentiality, and privacy.
• SOC examinations...

Article Summary

• SOC 2 Trust Services Criteria were updated to align with the 2013 COSO Internal Control Framework and include enhanced focus on cybersecurity, governance, and risk management.
• New description criteria require expanded disclosures, including principal service commitments, system...

Article Summary

• A Written Information Security Plan (WISP) is a formal document outlining how an organization identifies, assesses, and manages cybersecurity risks to protect sensitive data.
• Regulatory drivers such as HIPAA (1996), GLBA (1999), the FTC Safeguards Rule (2003), and 2021–2024...

Article Summary

• Explains how to determine whether a vendor qualifies as a Subservice Organization in SOC 1 and SOC 2 reports.
• Defines Subservice Organizations based on AICPA SOC Audit Guides, emphasizing “relevant” and “necessary” controls.
• Identifies two key factors: whether vendor controls are...

Article Summary

• Employee deferrals must be deposited into a retirement planas soon as they can reasonably be separated from an employer’s general assets.
• Common timeframes such as five or seven business days are general expectations, not safe harbors.
• An employer’s fastest historical deposit sets...

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