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Service Organizations that undergo a SOC 2 examination or are currently preparing to have one performed, should be aware of the recently updated requirements and how their pending SOC 2 examinations will be impacted. The specific changes pertain to the updated 2017 Trust Services Criteria (TSC) and the 2018 SOC 2 Description Criteria (DC). For more information on the specifics of these changes, refer to our recent SOC 2 update article.
When the SOC 2 as-of date for a Type 1 report or the period-end date for a Type 2 report is on or after December 16, 2018, the 2017 TSC and the 2018 DC must be used. If the as-of date or the period-end date is on or before December 15, 2018, then either version of the TSC (2016 or 2017) and DC (2015 or 2018) may be used. Keep in mind, that the 2018 DC were intended to be used with the 2017 TSC. Therefore, if a service organization uses the 2018 DC, then it must use the 2017 TSC.
With the effective date right around the corner, service organizations might be wondering how to best prepare. Below, we will walk through the steps service organizations should perform in order to prepare for these updates, based on different scenarios.
Schneider Downs has converted several of its clients over to the new SOC 2 requirements. In addition, we have early-adopted the updated SOC 2 requirements and have issued SOC 2 reports for new clients using the updated SOC 2 requirements.
For more information on how to prepare for the impending SOC 2 changes, please visit our SOC FAQs page or feel free to contact a member of our SOC Reporting team.
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