SSAE-16 SOC 1 Compliance

SSAE-16 SOC 1 Type 2 is an AICPA auditing report that details how businesses should develop and implement their financial reporting procedures over time. SSAE-16 SOC 1 Type 2 stands for Standards of Attestations Engagement No. 16, System and Organizations Controls Report 1, Type 2.

In order for an organization to meet SOC 1 Type 2 compliance, they must provide detailed data that specifically shows how their financial reporting practices are created and executed over a certain period of time. This timeframe is typically in the 6-12 month range. An independent auditor usually prepares this report and carries out all of the required examinations. Noncompliance with SOC 1 Type 2 does not result in penalties, but poor results might lead to customers avoiding an organization due to financial reporting flaws.

Systems and Organizations Controls Report 1, Type 2 is one of the numerous auditing standards that we use with our data centers and for accounts that host systems and software related to internal controls for financial reporting. TaxDome Cloud accounts can be used to safely run software and store all of your organization’s data, just like a standard computer or server does. These activities are run directly in the Cloud within a 256-bit AES encrypted, Amazon AWS account.

The TaxDome team regularly audits all TaxDome accounts adhering to the SOC 1 Type 2 and other SSAE-16 standards.