Achieving trust and transparency with controls assurance
Using a third party for some of your business functions can help increase efficiencies, decrease costs, and drive overall performance. But with an increase in the reliance on outsourcing services comes a decrease in control. The need to verify that your external service provider has established internal controls that are designed effectively and operate as intended is important to your business planning and peace of mind. That is where System and Organization Controls (SOC) reports step in.
SOC reports demonstrate the trust and transparency of the internal controls of your third-party service provider to your clients, prospects, and stakeholders. SOC reports provide this certainty across a wide range of environments—data centres, fund administration, back-office operations, fintech, Software-as-a-Service (SaaS), cloud computing operations, managed security, and enterprise IT external services—just to name a few.
Obtaining a SOC report can help your business meet client expectations, boost your competitive advantage, identify and mitigate risks from potential weaknesses in your systems, and demonstrate the overall reliability and integrity in your processes and procedures. BDO professionals work closely with you to develop cost-effective solutions that fit with your unique business needs.
Our professionals develop two types of SOC 1 reports:
- Type I attests that internal controls are suitably designed
- Type II attests that internal controls are suitably designed and operating effectively
All three reports are related but differ in what they cover:
- SOC 2 compliance covers the operations of a service organization.
- SOC 2+ compliance includes additional topics specific to users' unique requirements, such as HITRUST, ISO-27001 and NIST. If planned properly, this audit approach can reduce compliance costs and efforts by streamlining controls testing and combining assurance reporting in one report.
- SOC 3 compliance is less detailed than SOC 2 compliance, and it is meant to be publicly available. SOC 3 reports are designed to meet the needs of users who require assurance about the controls at a service organization.
Our professionals develop two types of SOC 2, SOC 2+ and SOC 3 reports:
- Type I attests that internal controls are suitably designed
- Type II attests that internal controls are suitably designed and operating effectively
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