{"id":1084,"date":"2021-01-04T08:45:40","date_gmt":"2021-01-04T08:45:40","guid":{"rendered":"http:\/\/sfsadvisors.co.in\/?page_id=1084"},"modified":"2021-01-04T08:57:55","modified_gmt":"2021-01-04T08:57:55","slug":"third-party-reporting","status":"publish","type":"page","link":"https:\/\/sfsadvisors.co.in\/?page_id=1084","title":{"rendered":"Third Party Reporting"},"content":{"rendered":"<p>[vc_row row_type=&#8221;row_full_center_content&#8221; bg_size=&#8221;contain&#8221; border_color=&#8221;#ff6633&#8243; border_style=&#8221;dotted&#8221; border_width=&#8221;2px&#8221;][vc_column]\n\t<div class=\"custom-heading wpb_content_element \">\n\t\t<h2 class=\"heading-title\" >Third Party Reporting (SSAE 16 \u2013 SOC 1 &amp; SOC 2) - Service Organizational Controls<\/h2>\n\t\t<span class=\"heading-line primary\"><\/span>\n\t<\/div>[vc_column_text]<\/p>\n<ul>\n<li><u><b>SOC 1 <\/b><\/u>&#8211; Providing a means of reporting on the system of internal control for purposes of complying with internal control over financial reporting. SOC 1 reports are restricted use reports, which mean use of the reports is restricted to:<\/li>\n<\/ul>\n<ul>\n<li>\n<blockquote><p>Management of the service organization (the company who has the SOC 1 performed)<\/p><\/blockquote>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<blockquote><p>User entities of the service organization (service organization\u2019s clients)<\/p><\/blockquote>\n<\/li>\n<\/ul>\n<ul>\n<li>\n<blockquote><p>The user entities\u2019 financial auditors (user auditor). The report can assist the user entities\u2019 financial auditors with laws and regulations such as the\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Sarbanes%E2%80%93Oxley_Act\">Sarbanes\u2013Oxley Act<\/a>. A SOC 1 enables the user auditor to perform risk assessment procedures, and if a Type II report is performed, to assess the risk of material misstatement of financial statement assertions affected by the service organization\u2019s processing.<\/p><\/blockquote>\n<\/li>\n<\/ul>\n<ul>\n<li><u><b>Types \u2013 I &amp; II<\/b><\/u><\/li>\n<\/ul>\n<blockquote>\n<ul>\n<li>Type I (Typically a report on Policies &amp; Procedures which depicts the Design Effectiveness of the aforesaid in place)<\/li>\n<li>Type II (Typically a report which depicts on the Operating Effectiveness of the procedures\/policies being followed)<\/li>\n<\/ul>\n<\/blockquote>\n<ul>\n<li><u><b>SOC 2 <\/b><\/u>&#8211; Providing a means of reporting on the system and the TRUST Principles of the company briefly considered as\n<ul>\n<li>\n<blockquote><p>Security<\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p>Availability<\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p>Confidentiality<\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p>Privacy<\/p><\/blockquote>\n<\/li>\n<li>\n<blockquote><p>Processing Integrity<\/p><\/blockquote>\n<\/li>\n<\/ul>\n<\/li>\n<li><u><u><u><b>Types \u2013 I &amp; II<\/b><\/u><\/u><\/u>&nbsp;<\/li>\n<\/ul>\n<blockquote>\n<ul>\n<li>Type I (Typically a report on Policies &amp; Procedures which depicts the Design Effectiveness of the aforesaid in place)<\/li>\n<\/ul>\n<\/blockquote>\n<blockquote>\n<ul>\n<li>Type II (Typically a report which depicts on the Operating Effectiveness of the procedures\/policies being followed)<\/li>\n<\/ul>\n<\/blockquote>\n<p>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Providing a means of reporting on the system of internal control for purposes of complying with internal control over financial reporting. <\/p>\n","protected":false},"author":2,"featured_media":1085,"parent":10,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":[],"_links":{"self":[{"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/pages\/1084"}],"collection":[{"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1084"}],"version-history":[{"count":6,"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/pages\/1084\/revisions"}],"predecessor-version":[{"id":1092,"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/pages\/1084\/revisions\/1092"}],"up":[{"embeddable":true,"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/pages\/10"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=\/wp\/v2\/media\/1085"}],"wp:attachment":[{"href":"https:\/\/sfsadvisors.co.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}