In its simplest form, a royalty audit is a financial inspection that determines whether a licensee (user of a patent/license/franchise) is paying the licensor (owner of the patent/license/franchise) the correct amount of royalty fees.
Many of our clients and prospects get asked for a “SOC report” without any further clarification. Also, many get asked for a SOC 1 and a SOC 2… so how do they know what they need? Do they need both? Just one? We get these questions all the time, and with a quick conversation, we […]
The Trust Services Criteria (TSC) were developed by the AICPA Assurance Services Executive Committee (ASEC). The available TSCs for a SOC 2 audit include: Security (also known as common criteria). This is the only required TSC and is included to demonstrate that systems at a service organization are protected against unauthorized access and other risks […]
The available Trust Services Criteria (TSC) as defined by the American Institute of Certified Public Accountants (AICPA) that are options to be included in a SOC 2 audit are the following: Security (also known as common criteria). Information and systems are protected against unauthorized access, unauthorized disclosure of information, and damage to systems that could […]
The available Trust Services Criteria (TSC) as defined by the American Institute of Certified Public Accountants (AICPA) that can be included in a SOC 2 audit are the following: Security. Information and systems are protected against unauthorized access, unauthorized disclosure of information, and damage to systems that could compromise the availability, integrity, confidentiality, and privacy […]
In a SOC 2 examination, two of the five Trust Services Principles and Criteria are Privacy and Confidentiality. These two principles can be confusing and may seem to overlap.
Type II SOC engagements (for both SOC 1 audits and SOC 2 audits) require walkthroughs and testing of the controls in place at the service organization to be able to opine on the suitability of the design and the operating effectiveness of controls during the period under review. Each control objective or criteria has a […]
We are frequently asked how long it takes to complete a SOC examination. Unfortunately there is not an answer that fits for every examination because every service organization is different. But, if an organization has controls in place the average time taken for a SOC examination is typically one to three months for Type I reports, and six to 12 months for Type II reports. If controls are not in place, the examination can take longer.
Compliance is defined in the dictionary as “the action or fact of complying with a wish or command.” That is a very simple definition for a complicated topic, especially when you consider all the demands and regulations companies are asked to be compliant with these days.
There are five trust services criteria that can be included in a SOC 2 report, including: security, availability, processing integrity, confidentiality, and privacy (see definitions from the AICPA below). Only one of the five criteria is required in the SOC 2 — security. The other four trust services criteria are optional, and we get many […]