System & Organization Controls (SOC) Audits

System & Organization Controls (SOC) Audits

Prove your security

Business is about trust: from earning the trust of your customers to trusting your vendors. Through SOC due diligence, you help ensure your company or organization has controls in place to safeguard sensitive information – and that your partners do as well.

That is why working with Boyer & Ritter to conduct a SOC audit is crucial. Our team will provide an in-depth examination and test of your business's internal controls. Our testing ensures the controls are followed and pinpoints areas that need improvement.

Equally as important, our SOC audit will also look at the processes used by your vendors and key stakeholders.

When does my company need a SOC report?

  • It’s required: Some clients/customers may require a SOC report to be provided annually or on a regular schedule.
  • It’s requested: Some clients/customers may need it to outsource a key business process or want to understand outsourced controls under their due diligence program.
  • It’s instant credibility: A SOC signals clients/customers that your business or organization is serious about financial reporting and data security. A SOC report can provide instant credibility and differentiate your business from others.

What type of SOC audit do I need?

SOC audits come in two types: SOC 1, covering all relevant internal financial processes, and SOC 2 and 3, looking at the storage and dissemination of electronic data, including cybersecurity.

A SOC audit usually looks at operations at a specific point in time (SOC 1 Type 1) or over an entire year (SOC 1 Type 2); however, shorter timelines are available. For example, Boyer & Ritter can provide a three- or six-month audit if your company is bidding on a contract.

Learn more about the types of SOC Audits:

SOC 1 Audit: SOC 1 audits take real-time looks at processes. Significantly, the examination looks for what is not there – ways to improve security or streamline procedures. It also gauges physical security, from document storage to whether there is sufficient supervision to guard against employee mistakes – or theft.

SOC 2 Audits: SOC 2 audits concentrate on data security, including a company’s cyber resiliency. It covers everything from whether the software is up-to-date and suitable to the task to how employees are trained against phishing attempts. Specifically, it looks at five Trust Service Criteria, defined by the American Institute of Certified Public Accountants:

  1. Security: Are the company’s data and computing systems sufficiently protected from unauthorized access and threats that could compromise information accuracy and confidentiality?
  2. Availability: Are the company’s systems robust enough to meet its needs?
  3. Processing integrity: Are the processing systems complete, accurate, and timely?
  4. Confidentiality: Are there necessary safeguards to protect confidential information at all times?
  5. Privacy: Is confidential information collected, used, and stored in a way that protects against unauthorized dissemination or access?

SOC 3 audits: SOC audits detail a lot of sensitive information about internal processes. A SOC 3 is a sanitized version, giving enough information to satisfy your clients that your company has good security and procedures.

SOC readiness assessments

Because SOC audits are so detailed, many companies initially conduct a readiness assessment of existing controls and procedures. The analysis includes recommendations for improvements and flags any issues.

A readiness assessment is also an excellent way to ensure your company’s written protocols match existing practices.

Getting started

Just as every company is different, so is its SOC audit. The Boyer & Ritter team knows how to address your business or organization’s specific needs to conduct an audit that will increase your operational efficiency and show clients and stakeholders that their confidential information is secure in your hands.

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