If the auditing of internal controls and processes by an independent third party is not anything new for your service organization, then the term SOC Audit shouldn’t be either. For the past couple of years, it has served as the replacement for the old SSAE 16 and SAS 70 reports. A SOC Audit is designed to measure, test, and report on the processes and systems of an organization based on their impact on customer financial reporting and data collected, stored and processed.
Who Needs It
There is a wide range of types of service industries that may be required to or would reap benefits from becoming SOC certified. These businesses include but are not limited to:
- Data centers
- Payroll processing
- Managed Service Providers
- Claims Processing
- Loan servicing
- Cloud hosting
Our Dallas SOC Audit team is experienced and well versed in all the industries listed above.
Why Businesses Become Certified
One of the many benefits of becoming SOC certified is differentiation from competitors in similar industries, which provides an advantage during the sales process. Other benefits include a clear understanding of all systems and controls in place, recommendations on how to steer operations away from risks, learn how to maximize security and efficiency of services provided, reduce need for future similar audits, and many more.
While SOC audits have been around for many years, there is a large number of businesses that are still unaware of their existence, and benefits. However, that is changing. Many businesses have seen themselves transition from wanting to get SOC certified, to being required to by customers and vendors. The certification provides a level of assurance and security that cannot be obtained any other way, thus, some will only conduct business with SOC certified companies. If your business has not been asked about it yet, there is a strong chance that you will be in the near future. As a specialized Dallas SOC Audit firm we put service first with our rapid and affordable SOC process.
If you have any questions about our process for SOC audits for your business, please contact us or set up a meeting.