AICPA staff surveyed over 400 firms to gain an understanding of the market for System and Organizational Controls (SOC) and third-party assessment services. Survey results indicated the following takeaways:
Due to f the value of SOC 1® reports to financial statement auditors of clients that use service organizations, the need for SOC 1 engagements remains as strong as ever.
Increasing awareness of the importance of IT security at third parties has led to a significant increase (almost 50%) in the