Key Takeaways
- Advance Planning is Essential: To meet common year-end compliance deadlines (often December), organizations must initiate the reporting process at least 2–3 months in advance to allow for proper planning and engagement execution.
- Process Starts Before Period End: The assessment process for compliance reporting often begins prior to the period end. This timeframe is necessary to give the compliance reviewer time to understand the organization’s unique needs, the design of its controls, and plan the engagement appropriately.
- Minimize Struggle, Ensure Success: Starting cybersecurity initiatives early (such as in June or July) provides the best chance to complete the entire examination successfully, allowing ample time to address any necessary changes or updates to controls without last-minute delays.
Auditwerx Can Help Keep Your Compliance Reporting On Schedule
In many industries, compliance reporting is expected to be delivered by December each year. If your industry requires fourth quarter compliance reporting, it is important to give your assessor enough time to complete the process.
To give your assessor the proper time to get an understanding of your organization’s needs, the design of your controls, and to plan your engagement appropriately, you will need to start the compliance reporting process at least 2-3 months in advance. Auditwerx will begin the assessment process prior to period end for a report deliverable in a faster timeframe. Auditwerx targets a 30-day report turn around, with cooperation and timely submission of required information.
Starting your cybersecurity reporting initiatives in June or July gives your organization the best chance to complete your assessment without last minute struggles, especially if there are additional changes or updates necessary for your controls to successfully pass the assessment.
The experienced industry professionals at Auditwerx are ready to help your organization meet necessary compliance obligations from SOC* assessments to PCI DSS reporting, and more.
When it comes to cybersecurity reporting, Auditwerx is your true partner. Our services are tailored to work with your business needs in order to secure a seamless and successful assessment.
Don’t put your compliance examination off any longer. Trust the experienced assessment professionals at Auditwerx. Contact Melissa Davis at [email protected] to start your renewal process.
Speak to a Compliance Specialist.
FAQs
When should an organization start the compliance reporting process for a typical December deadline?
Organizations should start the reporting process at least 2–3 months in advance to allow for a thorough understanding of their controls and proper engagement planning.
What is the consequence of delaying the start of the required cybersecurity examination?
Delaying the start increases the risk of last-minute struggles and may not allow enough time to make necessary changes or updates to controls to successfully pass the assessment.
How soon can a third-party assurance firm typically deliver the final report?
Most firms target a 30-day report turnaround, provided the client offers cooperation and timely submission of all required information and documentation.
What is the primary benefit of starting the assessment initiatives as early as June or July?
Starting early gives the organization the best opportunity to complete the entire assessment process without pressure and ensures any necessary control updates can be made before the required deadline.
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