SOC AUDIT

soc audit

System and Organization Control (SOC) readiness and certification is an arduous and time-consuming task based on the size of the service organization. SOC report is a verifiable auditing report which is performed by a Certified Public Accountant (CPA) designated by the American Institute of Certified Public Accountants (AICPA). A SOC report tells us if financial audits are performed or not and it is a collection of safeguards built within the control base of the data and is also a check if those safeguards work or not.

System and Organization Control (SOC) readiness and certification is an arduous and time-consuming task based on the size of the service organization. SOC report is a verifiable auditing report which is performed by a Certified Public Accountant (CPA) designated by the American Institute of Certified Public Accountants (AICPA). A SOC report tells us if financial audits are performed or not and it is a collection of safeguards built within the control base of the data and is also a check if those safeguards work or not.

The American Institute of Certified Public Accountants (AICPA) in 2011 developed a series of Service Organization Control (SOC) assessments. The assessment reports are generated by a service auditor as part of the controls audit and provide assurance and details based on the type of SOC report. There are SOC 1 (Type I & II), SOC 2 (Type I & II), and SOC 3 reports.

Type I – Provides an assessment of the design of the controls.  

Type II – Provides the design assessment, including an audit of the operating effectiveness using industry-standard control techniques.

The American Institute of Certified Public Accountants (AICPA) in 2011 developed a series of Service Organization Control (SOC) assessments. The assessment reports are generated by a service auditor as part of the controls audit and provide assurance and details based on the type of SOC report. There are SOC 1 (Type I & II), SOC 2 (Type I & II), and SOC 3 reports.

Type I – Provides an assessment of the design of the controls.  

Type II – Provides the design assessment, including an audit of the operating effectiveness using industry-standard control techniques.

SOC 1 – This was previously called SAS 70 and addresses the financial controls assurance.

SOC 2 – SOC 2 focuses on controls such as security and privacy at a service organization that addresses five Trust Services Principles (TSP).

SOC 3 – SOC 3 reports cover similar scope like SOC 2 but provide a high-level summary of the systems audited. It is mostly for marketing purposes. It does not offer a detailed review of the control environment.

SOC 1 – This was previously called SAS 70 and addresses the financial controls assurance.

SOC 2 – SOC 2 focuses on controls such as security and privacy at a service organization that addresses five Trust Services Principles (TSP).

SOC 3 – SOC 3 reports cover similar scope like SOC 2 but provide a high-level summary of the systems audited. It is mostly for marketing purposes. It does not offer a detailed review of the control environment.

Many organizations often resort to vendor questionnaires, assessments, and on-site audits to gain an understanding of the security posture and controls compliance applicable to their data. The vendors go through a very time-consuming process that includes a significant amount of money, time, and resources to acknowledge and respond to those requests.

Performing SOC readiness and certification is an arduous and time-consuming task based on the size of the service organization. Obtaining a SOC report is a continuous process. It requires the commitment from the higher management that involves the financial obligation to hire the necessary resources and service auditor to perform the testing in a phased approach over a few months before issuing a report.

Developing the right solution that aligns with the organization’s resources and goals includes leveraging the existing templates to speed up the process, identify potential issues at an initial stage, and deliver a report.

Many organizations often resort to vendor questionnaires, assessments, and on-site audits to gain an understanding of the security posture and controls compliance applicable to their data. The vendors go through a very time-consuming process that includes a significant amount of money, time, and resources to acknowledge and respond to those requests.

Performing SOC readiness and certification is an arduous and time-consuming task based on the size of the service organization. Obtaining a SOC report is a continuous process. It requires the commitment from the higher management that involves the financial obligation to hire the necessary resources and service auditor to perform the testing in a phased approach over a few months before issuing a report.

Developing the right solution that aligns with the organization’s resources and goals includes leveraging the existing templates to speed up the process, identify potential issues at an initial stage, and deliver a report.

report type

report content

Who uses it

soc 1

Addresses internal controls over financial reporting

SOC 1 is a sensitive report and must be shared only with senior management, user entities, and financial auditors (user auditors)

soc 2

Addresses security, availability, confidentiality, integrity, and privacy controls

SOC 2 report is confidential and must be shared only with senior management, regulatory authorities, and the applicable vendors.

soc 3

Addresses the same as SOC 2, but at a higher level

SOC 3 is generally intended for public use

Our strengths

We are here to help our clients prepare for a SOC readiness assessment process. Our skilled technical team of consultants will work with your organization to help you prepare for the readiness audit by identifying gaps against SOC audit standard, perform remediation of the controls and processes, testing, correcting control, & design gaps. We provide SOC 1 (Type I & II) services, SOC 2 (Type I & II), and SOC 3.

Our strengths

We are here to help our clients prepare for a SOC readiness assessment process. Our skilled technical team of consultants will work with your organization to help you prepare for the readiness audit by identifying gaps against SOC audit standard, perform remediation of the controls and processes, testing, correcting control, & design gaps. We provide SOC 1 (Type I & II) services, SOC 2 (Type I & II), and SOC 3.

KEY BENEFITS

  • Strengthens organizational reputation
  • Protects data and help the organization move forward
  • Provides competitive Edge
  • Strengthens financial posture and stability
  • Improves internal controls

KEY BENEFITS

  • Strengthens organizational reputation
  • Protects data and help the organization move forward
  • Provides competitive Edge
  • Strengthens financial posture and stability
  • Improves internal controls

GET IN TOUCH

 

+1866-837-0773

[email protected]

GET IN TOUCH

 

+1866-837-0773

[email protected]