While some companies still request a SAS 70 report (why, who knows…), many contracts now require a SSAE 16 report, and with the change to SSAE 18 many are now asking, what is the right language to use going forward? To fix this, the AICPA is now stating the standard number or reference should no longer to be used, and formally referred to as a SOC 1 report. This will hopefully help to prevent this situation in the future when new updates are inevitably implemented (SSAE 19, 20, …). A minor, but, helpful change.
So – while you do not *have* to update your contracts, it’s typically the best course of action, and now, going forward you shouldn’t have to worry about it again.
Are there any other nagging items like this you are running into? If so, contact us or leave a comment and we will do our best to clarify.