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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/booksandbalances/public_html/blog/wp-includes/functions.php on line 6121As a startup, you might not expect to deal with compliance. But as your business flourishes, you might have to handle many different roles, and one of the key ones is compliance, even if it doesn’t seem to fit well.<\/span><\/p>\n SOC, which stands for Service Organization Control, is about showing that your company has reasonable controls in place. This is important because accountants look for it when considering your company SOC-compliant.<\/span><\/p>\n Being SOC-compliant matters a lot. Without it, your startup might miss out on big deals with large companies, which are crucial for keeping your business going.<\/span><\/p>\n In this blog, we will explain SOC 1, SOC 2, and SOC 3 \u2013 We will cover what each one means and how they differ. By the end, you’ll know which SOC report is most relevant for your startup and what you need to do to become compliant.<\/span><\/p>\n Understanding these terminologies is crucial. Don’t hesitate to scroll back up and consult this key as you read.<\/span>[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_column_text text_direction=”default”]\n The reporting for SOC (Service Organization Control) has changed significantly. These reports give people confidence in a service organization’s rules, especially those dealing with customer data. The past SOC reporting shows how business has changed over time and how people’s needs for security and openness have grown.<\/span><\/p>\n Service groups used SAS 70 (Statement on Auditing Standards No. 70) before SOC reports came along. SAS 70, which came out in 1992, was made for finance reporting. But SAS 70 was often used in a wrong way. This meant it was not being used for what it was meant for.<\/span><\/p>\n The American Institute of Certified Public Accountants (AICPA) created the SOC framework in 2011 because they knew <\/span>SAS 70<\/a><\/strong> had problems and needed a more complete set of report rules. This was a significant change from just reporting on finances to focusing on internal controls and data security in a broader way.<\/span>[\/vc_column_text][vc_column_text text_direction=”default”]\nUnderstanding Terminologies<\/b><\/h2>\n
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SOC Reporting \u2013 A Short History<\/b><\/h2>\n
SOC Types and Differences \u2013 A Brief Insight<\/b><\/h2>\n