As cybersecurity incidents increase and regulatory requirements become more restrictive, many organizations find they need to ensure, with a high level of confidence, the effectiveness of their internal controls. SOC reports give you the ability to offer independent third-party assurance that your controls are designed properly and operating effectively — and demonstrate your commitment to the trust and security of your clients. But with multiple SOC reports and types, it can be difficult to know which one best fits your needs.
All SOC reports have two types: Type 1 and Type 2. Type 2 reports involve a longer evaluation period and are generally more rigorous than Type 1, but they may be necessary for organizations that are subject to more stringent compliance requirements. Our AICPA SOC specialists work across all industries and can help you identify which SOC report is right for your specific business and technology environment. From there, we’ll perform readiness assessments to identify control weaknesses and develop recommendations for remediation prior to undergoing the formal SOC examination. Our goal is to streamline the SOC process as much as possible and reduce the costs and difficulties encountered with a project of this magnitude. A SOC report offers more than peace of mind for your vendors, business partners, management, and stakeholders — it’s a competitive advantage.