SOC Effectiveness Audit
Our SOC Audit reporting provides a comprehensive, repeatable reporting methodology to help service companies and user entity stakeholders develop confidence and transparency. You can ensure that contractual commitments are met while lowering upfront compliance expenses by proactively identifying and mitigating risk.
We specialize in SOC auditing for public and private businesses in a variety of industries. Our SOC experts employ a tested framework to assist businesses in meeting their objectives.
- Our SOC Audit solution efficiently demonstrates to clients that your systems and controls are secure and effective.
- We'll probably find inefficiencies or opportunities for improvement in your service organization, saving you time and money.
- A SOC audit will broaden your market beyond privately held businesses to include public firms.
FAQ's for SOC Effectiveness Audit
System and Organization Controls (SOC) audits a company's controls that are in place to assist assure the Security, Availability, Processing Integrity, Confidentiality, and Privacy of their customers' data. SOC was formerly known as Service Organization Controls.
The internal controls connected to financial reporting are the main focus of a SOC 1 audit (ICFR). Security, confidentiality, information privacy, processing integrity, and availability are the 5 Trust Services Categories that are the focus of a SOC 2 Audit.
The 5 possible covered criteria are: Privacy, Security, Confidentiality, Integrity and Availability. Service provider management is allowed to select which criteria they want included in the report, and once again you should make sure your specific concerns are addressed.
A SOC 1 audit's control objectives cover controls around processing and securing customer information, spanning both business and IT processes. A SOC 2 audit's control objectives cover any combination of the five criteria
A SOC 2 audit report provides detailed information and assurance about a service organisation's security, availability, processing integrity, confidentiality and privacy controls,
Most SOC 2 reports cover a 12-month period, but there are times when service organizations perform this audit every six months, depending on the client's preference and any ongoing concerns in the operational control environment.
Each type of SOC report will include the relevant exceptions noted during testing. This is arguably the most important element of a SOC report. You must decide which of your vendor's controls are critical to your organization and evaluate if there are any exceptions noted in those critical areas
Benefits of the SOC 2 report for cloud service providers include the opportunity to tell potential and current clients about their offerings, as well as the adequacy of their control systems' designs and operational efficacy.
A SOC 1 report documents a cloud service provider's internal controls that may be relevant to a customer's financial reporting. This report is particularly useful for organizations that audit financial statements.
A SOC 3 report, just like a SOC 2, is based on the Trust Services Criteria, but there's a major difference between these types of reports: restricted use. A SOC 3 report can be freely distributed, whereas SOC 1 and SOC 2 reports can only be read by the user organizations that rely on your services.