SOC Tip #22

In an SOC 2 report, the service auditor opines on the effectiveness of controls over the entire reporting period and not as of a point in time, so controls will change part-way through the period and save the evidence related to the ‘old’ controls. The auditor will have to test both.

SEC Releases New Guidance on Use of Non-GAAP Financial Measures

The Securities and Exchange Commission (SEC) has released guidance on the use of non-GAAP financial measures. These measures typically omit noncash and nonrecurring items, which are required in any financial reports that conform to Generally Accepted Accounting Principles.

SEC Adopts Amendments to Implement JOBS and FAST Act Requirements

The Securities and Exchange Commission (SEC) has finalized a series of amendments to implement provisions of the federal Jumpstart Our Business Startups (JOBS Act) and Fixing America’s Surface Transportation (FAST Act) legislation.

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