SOC 3 reports are Trust Service examination reports. They address the same subject areas as a SOC 2 report, but, in a shortened version that can be used in a service organization’s promotional efforts and on its website. SOC 3 reports can serve as a marketing tool, with potential customers for instance, to show the organization has appropriate controls in place to mitigate risks on non-financial subject matters.
When your service organization obtains a SOC 3 report, it enhances the confidence among sellers and buyers alike. These customers and stakeholders gain confidence and place trust in your organization and its systems. This document allows you to reduce risk and provide assurance to the management and boards that need confirmation. The SOC 3 also provides a competitive advantage by giving your company independent verification by trusted professionals.
This general-use report is prepared in a uniform format, providing no description of tests and results. However, it does provide a public seal option and a description of the organization’s system and its boundaries. It also includes a written assertion by management and an auditor regarding whether or not the entity maintained effective controls over its systems as it relates to the reported principles. The SOC 3 option is considerably more open than the SOC 1 and SOC 2 in that it has no restricted usage. Anyone can use this document.
For more information regarding our SOC 3 reporting and auditing services, contact Holbrook & Manter today.