Many service firms rely on the authenticity of their control environment to safeguard their operations and clients. However, with new technologies unveiling at record speeds and the increasing prevalence of third-party vendors, integrity is more complicated to secure. Among the best approaches for ensuring that internal controls are in place and functioning properly is to undertake a system and organization control SOC audit. With today’s aggressive business environment, SOC Audit can give the organization a competitive edge.
Most companies are often at a crossroads on choosing the right SOC type of Audit for their organization; A Street Partners can help them a long way. They have published their comprehensive article on SOC Audits, “What they are and why they are important.” So the organization can choose either SOC 1 or SOC 2 types of audits based on the requirements and controls they have implemented.
The purpose of publishing a well-researched article, “What they are and why they are important,” on SOC audit is to provide a detailed insight on its importance. According to this article by A Street Partners, System and Organization Controls (SOC) audits allow organizations to be sure that service providers, or potential service providers, are functioning in an honest and compliant way. Although no one likes hearing the term “audit,” SOC reports create confidence and integrity for a service provider – a competitive benefit worth both time and money. Moreover, SOC audits aren’t just for technology corporations. They benefit a range of different clients from financial institutions to help plan administrators and health care organizations.
SOC reporting offers a variety of assurance reporting structures that help improve confidence and meet transparency concerns. However, the style and scope of SOC reports varies substantially due to diversity controls of various service companies and the types of services they offer, making it difficult to determine which fits best. The article addresses this uncertainty and helps management make the right decision. In addition, the article brings light to the different types of SOC audit and their scope.
SOC 1 deals with internal controls over financial reporting. SOC 2 covers trust service principles by providing thorough reporting on security, availability, processing integrity, transparency, and privacy. To know more about, read “What they are and why they are important” to thoroughly understand the different SOC audit reports. More than just assurance over financial reporting, their article on SOC audit helps businesses stay a step ahead of uncertainty.
About the company:
A Street Partners specializes in optimizing value by filling properties with tenants regardless of market conditions. They have a proven track record of delivering top-notch service and working with institutional clients to market their office, industrial, or retail buildings for sale or lease.