Are clients confident that their data is safe with you?
Give them a reason to feel secure.
Many companies outsource tasks or entire functions to service organizations. Even though these functions are outsourced, it’s the companies’ responsibility to ensure effective controls are in place. Our dependency on technology continues to increase, and so do threats like data breaches, back-up failures and fraud. In fact, information technology related risks are at an all-time high. It’s even been said that we are in the midst of a “cyber war” as we continue to see data breaches make headline news almost daily.
Your customers need assurance that their data is safe. It is imperative to have your technology policies and procedures evaluated. Service Organization Control (SOC) Reports can provide this confidence to your stakeholders, customers and their auditors.
We bring extensive skills and decades of experience in analyzing and evaluating internal control structure: we’ve been business consultants and auditors, evaluating internal controls for fifty years. Kaufman Rossin assesses internal controls for more than 200 audit clients annually. This experience with internal controls and project management helps us perform well planned, efficient readiness services and Type I and Type II audits.
The following reports provide information about your controls to help your customers assess and address the risks associated with your services. (For a detailed comparison, please reference the AICPA.)
- SOC 1 Report: Report on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting
This report meets the needs of user entities’ management and auditors as they evaluate the effect of a service organization’s controls on a user entity’s financial statement assertions.
- SOC 2 Report: Report on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy
This report is for those who need to understand internal controls at a service organization as it relates to security, availability, processing, integrity, confidentiality or privacy.
- SOC 3 Report: Trust Services Report for Service Organizations
This report is for those users who want assurance on a service organization’s controls related to security, availability, processing integrity, confidentiality or privacy, but don’t have the need for the detailed and comprehensive SOC 2 Report. Systrust or Webtrust seals can be used in a service organization’s marketing efforts.
Which SOC report is right for you?
|Will the report be used by your customers and their auditors to plan/perform an audit of their financial statements (or for compliance with the Sarbanes-Oxley Act)?||Yes||SOC 1 Report|
|Will the report be used by your customers/stakeholders to gain confidence and place trust in your services?||Yes||SOC 2 Report or SOC 3 Report|
|If the report will be used by your customers/stakeholders to place trust in your services, do you need to make the report readily available or provide a seal?||Yes||SOC 3 Report or Systrust/Webtrust|
If you have questions about SOC reports, or are interested in a free consultation, contact us.