7 common SOC compliance mistakes—and how to avoid them
Learn about 7 common SOC compliance mistakes and how to avoid them.
BDO Canada is certified to provide SOC 1, 2, 2+, and 3 Type 1 & Type 2 Reports
We evaluate the many systems involved in processing data, including cloud platforms, SaaS, infrastructure, software, data streams, and financial systems addressing factors such as security, privacy, confidentiality, availability, and processing integrity in full compliance with Canada’s CPA standards CSAE 3416, the U.S. SSAE 18 standard, and satisfying international ISAE requirements.
3 Easy Steps to Your SOC Compliance
- Schedule your free compliance consultation.
- Complete a readiness assessment to identify and rectify compliance disconnects.
- Obtain your audited SOC report.
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Frequently asked questions
These types of reports can be divided into two basic groups:
- Reports focused on systems involved in the processing of financial transactions
- Reports focused on information security, availability, integrity, privacy, and confidentiality
We will provide you with a fee estimate once we define the scope of the audit and after we gather the required information, which takes a few hours. We will take into account the type of organization, type of service that you provide, your client’s expectations, type of audit, and audit period.
You want an audit partner that can work closely with you and tailor their approach to meet your unique needs and business requirements. It is critical to develop a solution that fits with the organization’s resources and needs, which includes leveraging existing templates and expertise to accelerate the process, identify potential issues at the planning stage, and understand the expectations of the end users.
The readiness assessment can be completed in less than a week. The audit itself may take a few weeks depending on the size and complexity. The readiness assessment will identify the required policies, procedures, and other supporting processes that need to be in place. The readiness assessment will include the preparation and provision of a report template to assist you in developing your first-year report, if applicable.
Failing the assessment is not failing the audit. A readiness assessment is designed to uncover deficiencies and help you remediate them before the commencement of the audit. This will include reviewing various processes and controls that need to be identified.