Assess the Internal Controls that Matter to Your Customers with SOC Reports
Most businesses today operate in an increasingly complex world of interdependent partnerships with other companies. Continuing to build these relationships while increasing trust with external partners is crucial to your success long-term. System and Organization Controls (SOC) reports provide that assurance by offering a meaningful, repeatable process by which service organizations can engage an independent auditor to assess the integrity of internal controls and obtain a report of the results to provide to customers and other stakeholders.
Bennett Thrasher provides a full range of SOC Reporting services. Our experts will work with you to choose between the different reporting options available and decide which are ideal for your unique business needs.
Your customers or their external auditors may request or even require a SOC report, but it’s crucial to not view this as simply a “checking-the-box” exercise.
There are several benefits to pursuing a SOC report, including:
- Reduction of compliance costs and time spent on audits/filling out vendor questionnaires
- Meeting your contractual obligations and addressing marketplace concerns with flexible, customized reporting
- Proactively addressing risks across your organization
- Increasing trust and transparency for your internal and external stakeholders
- Improved ability to obtain and retain customers
Bennett Thrasher has both financial and nonfinancial reporting options available, so we can help you determine the right controls and communicate vital information to your stakeholders.
SOC reporting provides a range of assurance reporting frameworks:
A SOC 1 report evaluates the effectiveness of internal controls over financial reporting. Your customers and their financial statement auditors will find value in a SOC 1 report based on the insights provided on internal controls impacting their key financial processes.
A SOC 2 report is a restricted use report that evaluates the effectiveness of controls relevant to security, availability, and processing integrity of the systems used to process your customers’ data and the confidentiality and privacy of the information processed by these systems
A SOC 3 report is a general use report that evaluates the effectiveness of controls relevant to security, availability, processing integrity, confidentiality or privacy at a service organization. A SOC 3 report is only available in combination with a SOC 2 Audit.
Unsure of which SOC report is right for you?
Our professionals can help you prepare for pursuing a SOC report through our transparent, consultative review process. Each assessment is tailored to your unique needs and industry, and we will provide you with meaningful, actionable recommendations that will enhance your operational processes and leave you better prepared to undergo a formal SOC examination by an independent auditor.