Typically, October is the start of the attestation reporting season. This means companies start receiving SOC and ISAE reports for their internal controls over financial statements as well as other internal control frameworks. But like any organization this year, the service organizations issuing these reports have been impacted by COVID-19. But what does this mean for you?
A lot of SOC (Service Organization Controls) and ISAE (International Standard on Assurance Engagements) reports are issued between October and December as they cover the period from January to September. While the process of obtaining, reviewing and evaluating these reports has become fairly standard and straightforward over the years, we expect this year to be a little bumpy. Indeed, the impacts of COVID-19 being felt all around the world will not stop at service organizations’ doors. In fact, we expect several trends: