Advisory – SOC 2 Reports Help Your Business Grow

From Bud Genovese, Managing Director, AuditOne Inc.

SOC 2 Reports Help Your Business Grow

If you are a service provider that handles corporate or consumer information, then a SOC 2 review and report is necessary. For example if your firm provides secure storage of information or cloud based services, then you should be providing an annual SOC 2 report to your client base. The SOC 2 review and report would provide documented assurances that the operational safeguards protect your client as the service relates to either: processing security, availability, processing integrity, confidentiality, or privacy. One or more of these five principles would be covered in a SOC 2 as it applies to the processing service you provide.

The completion of the SOC 2 review could be used in company press releases that declare to the business world that you have independent evidence of the controls in place at your firm. The press release can announce that your firm provides assurance that you have the system and control procedures in place to safeguard clients’ sensitive information and processing integrity to sustain operations. It would be yet another reason why your firm is recognized as a quality service provider and an industry leader.

The SOC 2 review process would confirm your firm’s adherence to the AICPA’s Trust Principles related to security controls. The AICPA created the SOC guidelines to provide an authoritative benchmark for service organizations to demonstrate implementation of proper control procedures and practices. Type II reports include detailed testing of the operational effectiveness of the described systems’ security controls.

SOC 2

The SOC 2 Report focuses on internal controls related to the five AICPA Trust Principles: 1) security, 2) availability, 3) processing integrity, 4) confidentiality, and 5) privacy. A firm may select one or more of these principles to be reviewed. As with the financial statement oriented SOC 1/ SSAE 16, an organization can receive a SOC 2 review that is either a Type I or a Type II.

AuditOne Inc. Delivers Effective and Efficient SOC Audits

AuditOne Inc.’s skilled audit, technical and security experts deliver the highest quality, cost-effective, responsive SOC/ SSAE16 services in the industry. Please contact Bud Genovese to review how we can make the SOC/ SSAE 16 audit an effective and efficient experience for your firm. I will be more than happy to help you understand why AuditOne Inc.’s user-friendly process and focus, makes it the market-leading smart choice.