What is the Most Frustrating Experience in SOC 2 Audit and Attestation?
The SOC 2 (Service Organization Control 2) audit and attestation
SOC2 Audit is a report that comprises details of evaluation on the service organization’s internal controls, policies, and procedures related to AICPA’S Trust Service Criteria. It is a report that assures the suitability and effectiveness of the service organization’s controls in context to security, availability, processing integrity, confidentiality, and privacy. It is an audit report that typically aids the client’s decision making in selecting a service organization to work in collaboration.
Understand your business operations, controls, and systems to define the scope and the Trust Services Criterion that apply to your organization.
Assess your organization vis-à-vis the SOC2 standard to identify areas that need to be addressed.
Conduct a brief Awareness Training program on SOC2 for your organization.
Identify your critical information assets and accordingly classify them for creating a separate Asset Inventory.
Conduct a comprehensive Risk Assessment to identify weak areas and loopholes that could impact the business-critical assets of your organization.
Once all controls are confirmed to be in place, our US-based CPA Auditor will audit your processes to confirm adherence to the SOC2 requirements.
SOC 2 audit is a prerequisite for service organizations dealing or engaged, in technology-based services that store client information in the cloud. This would include SaaS Cloud computing service providers, and Software Service providers to name a few.
SOC2 Audit cost for an average-sized company starts at $15000. Pricing for a SOC 2 audit usually depends on several factors, including the Scope of SOC2 Audit, Types of Report, Business Applications, Technology Platforms, Number of Locations, Trust Services Criteria to be included in the audit, and other additional services.
On average it takes 8-12 weeks to complete a SOC2 Audit with reporting. However, the timeline also greatly depends on the time taken for implementing the remediation suggested in the gap analysis.
You will receive SOC 2 reports documenting the details of the effectiveness of the Service Organization’s system and controls. The report will detail information about how your client information is maintained securely with all necessary controls in place. Additionally, we also provide a “Certificate of Compliance” that you can show your clients and proudly hang on your office walls and conference rooms.
A SOC2 Report is only valid for a year or 12 months from the date of issue and as per the Industry Standard requirement, a SOC2 Audit must be performed annually, or after significant changes are introduced that may impact systems and control in an environment.
The SOC 2 (Service Organization Control 2) audit and attestation
Let’s explore the critical differences between SOC and SOX compliance.
Cybersecurity has always been a major concern for most businesses.
In a recent poll on social media, 50% of respondents
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