VIEWpoint Issue 1 | 2023
2023 Compliance Trends: Staying Ahead in an Evolving Regulatory E...
2023 Tax Calendar
Doeren Mayhew’s IT Advisory and Security Group can help you determine which SOC report is right for your organization.
If you are a service provider that processes your customers’ data or hosts their systems, your organization likely faces growing pressure from your customers to demonstrate a strong controls environment. SOC reports provide clarity on the strength of your organization’s operational controls and the suitability of their design to meet control objectives. Leveraging this report, your customers will have peace of mind you are protecting their data adequately.
Furthermore, SOC reporting can provide your service organization with additional value-added benefits, by allowing you to:
Ideal for an organization that has not completed a SOC audit before, the SOC readiness assessment is a one-time, low-cost evaluation designed to assess your service organization’s current control environment against the requisite control objectives of a SOC audit. Findings will provide actionable recommendations to management to prepare your organization for a successful examination.
Helping organizations present a strong position to customers regarding their control environment relevant to the processes impacting their client’s controls over financial reporting is a SOC 1 report. A SOC 1 report will help you gain your client’s trust in protecting their financial reporting processes.
Providing information on a broad set of your organization’s security, availability, processing, integrity, confidentiality and privacy controls, a SOC 2 report helps gain the confidence of your customers. The operational and security-centric scope surrounding a SOC 2 report addresses critical security concerns that customers may have regarding your service offerings.
Designed to meet the needs of current and potential customers regarding controls at your service organization related to the Trust Service Principles, a SOC 3 report is similar to a SOC 2 report without as much detail that is better suited for a general audience. Armed with a SOC 3 report, your organization is free to publish a seal of approval in the form of a brief report, publicly indicating your compliance.
Created to report on the effectiveness of an entity’s cybersecurity risk management program, this report is used to evaluate processes and controls in place to detect, respond, mitigate and recover from breaches and other potential security events.
For more information on Doeren Mayhew’s SOC readiness and reporting services, contact our team of IT assurance advisors today.
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