While anyone at our firm could talk for hours on SSAE 16, we typically don’t have an audience of over 90 people register to voluntarily listen to an hour long discussion of the finer points of SOC 1 (SSAE 16), SOC 2, and SOC 3. On July 27, 2011, we conducted our first video live webinar to discuss the new SOC reporting options. I was joined by Neil Gonsalves, Director at A-LIGN who assisted me in the presentation.
The webinar outlined the following points:
- Overview of the Standard
- Why the change was needed?
- Comparison of SOC 1 to SAS 70
- Overview of SOC 2
- Overview of SOC 3
- New Reporting Alternatives
We conducted polling questions to gauge the readiness of the attendees for the switch to SSAE 16 and found that many were unfamiliar with the new standards. That is good news given that only 10% of the attendees were existing clients which I have hoped we educated them already. Other polling results showed that companies were interested in switching from a SAS 70 to a SOC 2 or SOC 3 report. The presentation ended with questions from the respondents regarding the nuances of the change. The long tenure of SAS 70 resulted in many of these questions being “flushed” out already. It will be interesting to see how all of these issues are dealt with regarding SOC 1, SOC 2 and SOC 3.
All and all, it was a great first run for our webinar series and we appreciated the wonderful attendee turnout!