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Does anxiety and panic set in when a client or prospect asks if you have a Systems and Organization Controls (SOC) report? Could you be in jeopardy of losing a current client or missing out on a new opportunity or prospective client? Have you even thought about whether it is practical for your organization to have a SOC examination conducted?
SOC report requests have become a common practice, and even a requirement in some cases, in today’s world, due in part to corporate compliance mandates, client auditor requests, and the need to provide assurance to the entities you do business with that your internal controls are sufficient and reliable. If your organization processes transactions on behalf of your client, provides a service that affects your client’s financial statements, provides a service that affects the compliance and operational controls of your clients, or is responsible for ensuring the security of client’s sensitive data, then your organization would benefit from engaging a CPA firm to perform a SOC examination.
When a client or prospective client asks your organization to provide a SOC report and you have determined your organization would benefit from having a SOC report, you should consider the following items in order to choose the most appropriate SOC report for your organization:
Note: SOC 1, SOC 2, and SOC 3 can be either a Type I or Type II report.
Let our experienced professionals lead the appropriate discussions with your organization and with the requesting parties to gain insight on the reason the SOC report is being requested, the value of SOC reports, and the type of SOC report that benefits all parties.
For more information regarding SOC reports, please visit Schneider Downs' website, review our Frequently Asked Questions about SOC Reports and read our Our Thoughts On articles that are published by our Risk Advisory professionals.
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