SOC Reporting Services

INTRODUCTION

OUTSOURCING IS ON THE RISE DESPITE INCREASING CYBER SECURITY BREACHES. IN TODAY’S CHALLENGING WORLD OF BLOCKCHAIN, AI, IOT, AND CLOUD, YOU NEED TO BE A STEP AHEAD OF YOUR COMPETITORS. THINK OF THE SOC REPORT AS YOUR COMPANY’S “SECURITY BEST PRACTICES”. YOU NEED TO DEMONSTRATE A LEVEL OF CONFIDENCE THAT YOUR ORGANIZATION CAN HANDLE YOUR CLIENTS’ MOST CONFIDENTIAL AND VALUABLE INFORMATION, HAVE THE PROCEDURES AND CONTROLS IN PLACE TO PROVIDE THE REQUIRED ASSURANCE. A SOC REPORT PROVIDES THIS ASSURANCE FOR YOUR CLIENTS.

THE SOC ENGAGEMENTS CAN BE SPLIT INTO 2 MAIN REQUIREMENTS

SOC 1 OR ISAE3402

Address Controls Related to User Entities’ Internal Control over Financial Reporting (“ICFR”). It is used by service organizations affecting financial reporting of user organizations. Reports are for User Auditor, & Management of User and Service Organization.

SOC 3 REPORT

A SOC 3 engagement is similar to a SOC 2 engagement in that the practitioner reports on whether an entity (any entity, not necessarily a service organization) has maintained effective controls over its the system with respect to TSC. A SOC 3 report may not have details of the controls in the report. It is commonly used in B2C environments.

SOC 2 OR ISAE3000

A SOC 2 report conveys trust and assurance to users of the system that the service organization has deployed an effective control system to effectively mitigate operationally and compliance risks that the system may represent to its users. It addresses System and Organization Controls using Trust Services Criteria (TSC) for service organizations to apply and report on controls that may affect users of their service. A SOC 2 report demonstrates an independent auditor’s review of a service organization’s application of criteria related to one or more of the TSC, which are Security: The system is protected against unauthorized access (both physical and logical). Availability: The system is available for operation and use as committed or agreed. Processing Integrity: System processing is complete, accurate, timely, and authorized. Confidentiality: Information designated as confidential is protected as committed or agreed. Privacy: Personal information (i.e., information that is about or can be related to an identifiable individual) is collected, used, retained, disclosed, and destroyed in conformity with the commitments in the entity’s privacy notice and with TSC criteria. Reports are for Knowledgeable Parties.

TYPE I AND TYPE II REPORTS

TYPE 1

Report is as of the point in time (i.e., as of 12/31/200X)

Looks at the design of controls – not operating effectiveness

Limited use & considered for information purposes only

Not considered useful for purposes of reliance by a user auditors

Not used as a basis for reducing the assessment of control risk below the maximum

Generally performed in the first year that a service organization has a SOC reporting requirement.

TYPE 2

Report covers a period of time, generally not less than 6 months and not more than 12 months

Differentiating factor: Includes tests of operating effectiveness

May provide the user auditor with a basis for reducing the assessment of control risk below maximum

Requires more internal and external effort

Identifies instances of noncompliance of the stated control activity

More emphasis on evidential matter

A TYPE II REPORT CURRENTLY PROVIDES THE MOST REASONABLE ASSURANCE FOR THE FOLLOWING REASONS:

  • SOC Type II report can cover the entire year and the effectiveness of the controls in
    the place can be reported
  • It is a Third Party Period- of-Time assessment and so has Accountability
  • Since it is a period of time assessment, it is more like continuous compliance with low
    risk and high reliability
  • Most other assurance programs or audits are usually, at a point in time
    Comprehensive Framework for Privacy
  • Provides a high-reliability SOC Seal by AICPA

OUR VALUE DELIVERY

Knowing how much extra value and assurance a SOC reports can deliver, many clients find that it makes sense to take steps to ensure a more successful outcome, including hiring experts who are skilled in helping organizations be more thorough and thoughtful in how they approach their engagement. Preparing for a SOC engagement is a matter of clear thinking and smart planning. Working with a cybersecurity specialist such as ours, helps you dig into areas such as cloud security, data security, privacy, incident response, and much more.

SOME OF THE ADVANTAGES OF WORKING WITH US ARE:

  • End to end process for SOC Reporting & Attest Services
  • Project management methodology consistently applied to each engagement
  • Efficient service delivery with minimal disruption to operations
  • Our engagements are executed by senior experienced professionals
  • 15 years of Information Security & Cyber Security experience
  • Reduced time to complete assignments
  • Licensed CPA Firm listed with PCAOB and Cloud Security Alliance
  • Prompt services with engagements completed in record time
  • E Ongoing support. We are with you whenever you need us