Our Approach to SOC 1 and SOC 2 Compliance Audit & Certification
Defining The Scope
In-Depth Gap Analysis
Security Controls, Documentation & Training
Monitoring & Observation
What is a SOC 1 and SOC 2 Compliance Audit & Certification?
SOC 1 and SOC 2 are compliance audits and certifications that assess the internal controls of a service organization. SOC stands for “System and Organization Controls.”
- SOC 1 is designed to address internal controls over financial reporting. It is typically used by organizations that provide financial services, such as banks and credit unions.
- SOC 2 is designed to address a service organization’s controls that are relevant to their operations and compliance. It is typically used by organizations that provide a variety of services, such as cloud computing providers, healthcare organizations, and marketing agencies.
Both SOC 1 and SOC 2 audits are conducted by independent auditors. The auditors assess the organization’s controls against a set of criteria, known as the Trust Services Criteria (TSC). The TSC is developed by the American Institute of Certified Public Accountants (AICPA).
If the auditors find that the organization’s controls are effective, they will issue a SOC report. The SOC report will provide information about the organization’s controls and how they meet the TSC criteria.
Types of SOC 1 and SOC 2 Compliance Audit & Certification
SOC 1 and SOC 2 are attestation reports that provide independent assurance on the controls of a service organization relevant to the needs of its user entities. SOC 1 reports are designed to address internal controls over financial reporting (ICFR), while SOC 2 reports address a service organization’s controls that are relevant to its operations and compliance.
- SOC 1 reports:
- Type 1 reports: Provide assurance on the design of controls as of a specific date.
- Type 2 reports: Provide assurance on the design and operating effectiveness of controls over a period of time.
- SOC 2 reports:
- Type 1 reports: Provide assurance on the design of controls over the five TSCs as of a specific date.
- Type 2 reports: Provide assurance on the design and operating effectiveness of controls over the five TSCs over a period of time.
- Type 3 reports: Provide a comprehensive assessment of the service organization’s controls and processes, including the results of testing and the auditor’s opinion on the effectiveness of those controls.
Deliverable of Our SOC 1 and SOC 2 Compliance Audit & Certification?
- Executive Presentation: provide high level executive summaries of the complete engagement, root cause analysis of the identified issues & best practice recommendations for the long-term to help leaders better understand their risk and incorporate our recommendations into their roadmap.
- Detailed Audit Reports: The audit report will typically be a detailed document that is divided into several sections, including:
- Introduction: This section will provide an overview of the audit, including the scope, objectives, and methodology.
- Findings: This section will identify the areas of compliance and non-compliance.
- Recommendations: This section will make recommendations for improvement.
- Appendices: This section may include supporting documentation, such as interview transcripts, policies and procedures, and risk assessments.
- Certificate of Compliance: The certificate of compliance is a formal document that is issued by the auditor to the organization. This document states that the organization has been found to be in compliance with the guidelines.
- List of Recommendations for Improvement: The list of recommendations for improvement will identify areas where the organization can strengthen its technology risk management framework. These recommendations can be used by the organization to improve its security posture and reduce its risk of a data breach or other security incident.
- Plan for Remediation: The plan for remediation will outline the steps that the organization will take to address any non-compliance findings. This plan should be specific and measurable, and it should include a timeline for completion.
Benefits of a SOC 1 and SOC 2 Compliance Audit & Certification
SOC 1 and SOC 2 audits assess the effectiveness of your organization’s internal controls over financial reporting and data security, respectively. This gives your customers, partners, and investors confidence that your organization is taking steps to protect their data.
Reduced risk of data breaches
By implementing the controls recommended by SOC 1 and SOC 2 audits, you can reduce the risk of data breaches. This can save you money in the long run, as well as protect your reputation.
SOC 1 and SOC 2 audits can help you demonstrate compliance with a variety of regulations, including SOX, HIPAA, PCI DSS and GDPR.
Improved risk management
SOC 1 and SOC 2 audits can help you identify and mitigate risks to your organization’s data security. This can help you improve your overall risk management posture.
Enhanced operational efficiency
By implementing the controls recommended by SOC 1 and SOC 2 audits, you can improve the efficiency of your organization’s operations. This can lead to cost savings and improved customer service.
SOC 1 and SOC 2 certification can make your organization more marketable to potential customers and partners. This is because it shows that you have taken steps to protect their data.
Real-Time Customer Dashboard
Our Real-Time Customer Dashboard delivers transparency during our assessments and provides customers with a dynamic view of our security assessment and compliance services.
The dashboard enables customers to track all their projects through a single platform, manage timelines, track open issues, allocate responsibilities internally, learn about remediating issues etc. It also allows customers to get a real-time view into individual projects as they are being executed, track requirements, learn about identified issues, resolve tickets etc.
The dashboard allows for seamless collaboration between customer & our teams to ensure that we execute and deliver the absolute best and most comprehensive assessments.