Would a visual help?
We are often asked, “What Service Organization Control (SOC) Report is right for my organization?” We are always happy to meet with any type of business to answer this question in great detail. However, most folks like to know the basics before that first initial meeting.
Our friends at the American Institute of CPAs provide a wealth of information on their website about Service Organization Controls. For example, they break down the benefits of the different types of SOC Reports (also referred to as SOC Audits) in a chart that is easy to understand. They address the who, why, what for each report in a very simple fashion. We share this with clients as a visual is often times very helpful.
When trying to decide which report will best evaluate your controls, it is important to look at each one from every possible angle. Since this report essentially gauges the level of risk associated with doing business with your operation, and because you will be making an investment to have the report performed, you will want to make sure you go with the right one.
We encourage you to take a look at this visual to get your thoughts going regarding which report would best fit your needs. Not sure which route to take? We can help. Often times we can begin our working relationship with you by offering SOC consulting. Let’s make sure your controls are in place and ready to be evaluated before we begin the actual report.
For more information on our SOC services, including consulting, please reach out to us today. We would be happy to assist you.
Graphic Source: AICPA
