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What's the benefit of a SOC audit
What are SOC audits?
System and Organisation Control audits (SOC) are increasingly becoming a requirement to obtain and keep new customers.
A SOC audit is a means of providing assurance around supply chain and third-party risk. It independently verifies to your customers that your organisation has appropriate and effective internal controls in place.
What's the difference between a SOC 1 and SOC 2 report?
SOC 1 vs SOC 2
SOC 1 Audits are focused on internal controls related to financial reporting (ICFR).
SOC 2 Audits are focused on information and IT security identified by any of 5 Trust Services Categories: security, confidentiality, information privacy, processing integrity and availability
SOC 1 Report will act as a reinforcement, ensuring a service organization has done its due diligence when it comes to the effects their service has on their customer’s financial reporting.
SOC 2 Report will act as a beacon of transparency and convey confidence to your customers, their auditors, investors and other stakeholders that you have appropriate controls regarding information security. This report conveys that a service organization’s people, infrastructure, software, data-handling, and procedures are prepared to handle their customer’s information and data and protect it accordingly.
What's the difference between a Type 1 and Type 2 report?
Type 1 vs Type 2
Type 1 reports are a snapshot at a point in time. Like taking a picture on a particular date and time.
Type 2 reports are more like a video over a period of time like 6-12 months. These take longer. They therefore provide more a comprehensive assurance and in depth review.
An organisation will generally perform an ongoing audit either biannually or annually.