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Reporting on Controls at Service Organizations - KPMG - kpmg

Reporting on Controls at Service Organizations - KPMG - kpmg 2025

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The document outlines the transition from the SAS 70 standard to new international auditing and assurance standards for reporting on controls at service organizations. It details the changes, including the introduction of management assertions, suitable criteria for evaluations, and a new service auditor's report format. The document emphasizes the importance of these updates in aligning U.S. and global standards, providing guidance for service organizations on how to prepare for these changes, and addressing frequently asked questions regarding implementation and compliance.

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What is a service organization control report?

What is a SOC Report? A service organization controls (SOC) report (not to be confused with the other SOC acronym, security operations center) is a way to verify that an organization is following some specific best practices before you outsource a business function to that organization.

How do you audit a service organization?

The auditor has to identify and document the purpose and significance of the clients use of the service organization as part of the audit planning and risk assessment phase of the engagement and also consider the use of a service organizations report to determine the nature and extent of testing procedures to be

Who are the applicability of ICFR reporting?

Applicability of Internal Financial Controls All Public Companies with paid up capital of INR 10 crore or more, Turnover of INR 100 crores or more and Loan, borrowing, debentures and deposits of INR 50 crores or more in aggregate.

What is the COSO framework KPMG?

The COSO framework was designed to reduce fraudulent financial reporting and help companies create data controls using a consistent, flexible, scalable architecture to restore confidence in financial information.

Who is required to file a SOC report?

AWS System and Organization Controls (SOC) Reports are independent third-party examination reports that demonstrate how AWS achieves key compliance controls and objectives. The purpose of these reports is to help you and your auditors understand the AWS controls established to support operations and compliance.

Why would a company need a SOC report?

Which organizations need a SOC report? Any service organization that needs an independent validation of controls relevant to how it transmits, processes, or stores client data may require a SOC report.

What is a service organization controls report?

SOC Reports are examination engagements, conducted by a Certified Public Accountant, providing an opinion on a service organizations ability to properly design, implement and operate controls to achieve their objectives (ex: security, or accuracy and completeness of financial information).

Reporting on Controls at Service Organizations - KPMG - kpmg 2025

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