Reviewed by Jeff Harms
Director, Advisory Services at OCD tech
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Updated Oct, 3
Discover if Wave Accounting meets SOC 1 (SSAE 18) compliance standards for secure financial reporting and data protection.
Director, Advisory Services at OCD tech
Updated Oct, 3
Guide
Wave Accounting is not SOC 1 (SSAE 18) compliant. They have not undergone an attestation under SSAE 18 focused on financial reporting controls.
SOC 1 (SSAE 18) compliance refers to a formal review of an organization’s internal controls that affect financial reporting. It involves an independent auditor evaluating the controls and making sure they meet the standards required for financial statements, which is vital for companies handling sensitive financial data.
Wave Accounting is designed primarily as a cloud-based accounting software solution, and while they implement robust security measures to protect user data, they have not completed the specific audit process required for SOC 1 (SSAE 18) certification. This means that while many security practices are in place, the service has not been formally verified under this particular framework.
If you or your organization need further insight into the nuances of SOC compliance or want to prepare for such assessments, our team at OCD Tech has extensive experience advising companies on readiness and implementing best security practices. We help simplify complex frameworks like SOC 1 and guide you through the processes necessary to enhance your overall security stance.
What is...
Explore how Wave Accounting aligns with SOC 1 (SSAE 18) standards to ensure secure, compliant financial data management for businesses.
Wave Accounting is a robust, cloud-based accounting platform tailored for small businesses, offering features like invoice management, expense tracking, and financial reporting. In the context of SOC 1 (SSAE 18) compliance, Wave Accounting emphasizes data security and regulatory adherence, ensuring proper controls are in place to safeguard financial data and support audit requirements.
SOC 1 (SSAE 18) is a critical audit standard that examines a service organization’s internal controls over financial reporting. In the context of Wave Accounting, it confirms that the platform follows stringent security and control measures to protect sensitive financial data. Achieving this compliance demonstrates Wave’s commitment to strong risk management, which builds trust with businesses relying on its accounting services.
Key elements include:
For a detailed breakdown of the specific security configurations needed for compliance, our article provides a comprehensive walkthrough.
The first thing you should do is turn on multi-factor authentication. Our simple guide shows you how to do it in just a few minutes.
OCD Tech offers a comprehensive suite of cybersecurity and IT assurance services, including SOC 2/3 and SOC for Cybersecurity reporting, IT vulnerability and penetration testing, privileged access management, social engineering assessments, virtual CISO (vCISO) support, IT general controls audits, WISP development, and compliance assistance for frameworks like CMMC, DFARS, and FTC Safeguards.
OCD Tech specializes in serving highly regulated sectors such as financial services, government, higher education, auto dealerships, enterprise organizations, and not-for-profits throughout New England.
Typically, OCD Tech’s on-site work spans 1–2 days, depending on complexity and number of sites, followed by 1–2 weeks of analysis and reporting to deliver clear, actionable recommendations.
SOC 2 reporting demonstrates to clients and prospects that an organization follows best-in-class controls over security, availability, processing integrity, confidentiality, and privacy—boosting trust, meeting RFP/due diligence requirements, and helping secure contracts. OCD Tech helps organizations achieve and maintain this compliance.
Yes—OCD Tech provides guidance for compliance with DFARS (NIST 800‑171), CMMC (Levels 1–3), and FTC Safeguards, ensuring organizations meet specific government or industry-based cybersecurity mandates.
A virtual CISO delivers strategic, executive-level cybersecurity leadership as a service. OCD Tech’s vCISO service is ideal for organizations lacking a full-time CISO and helps build programs, define policy, oversee risk, and guide security maturity.
Absolutely. OCD Tech provides tailored internal IT Audit training and security awareness sessions, plus annual reviews of Written Information Security Programs (WISP), such as Massachusetts 201 CMR 17 and other state or industry-specific controls.
Audit. Security. Assurance.
IT Audit | Cybersecurity | IT Assurance | IT Security Consultants – OCD Tech is a technology consulting firm serving the IT security and consulting needs of businesses in Boston (MA), Braintree (MA) and across New England. We primarily serve Fortune 500 companies including auto dealers, financial institutions, higher education, government contractors, and not-for-profit organizations with SOC 2 reporting, CMMC readiness, IT Security Audits, Penetration Testing and Vulnerability Assessments. We also provide dark web monitoring, DFARS compliance, and IT general controls review.
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