Key Takeaways
Mandatory Credentials: Only a firm has the necessary qualifications to perform and officially release a SOC 2® report. Verifying these credentials is the essential first step in selection.
Industry Experience Eases Process: Look for an assessment firm with a demonstrable history of completing similar SOC 2® assessments in your specific space or industry. Familiarity with your operations can significantly streamline the necessary compliance processes.
Process and Timeframe Clarity: Before engagement, confirm the firm’s designated timeframe for evaluating controls (especially for a Type 2 report) and evaluate their established methodology. The entire SOC 2® evaluation process must adhere to the most recent AICPA guidelines.
Overwhemed with SOC 2®? We Can Help.
There are a number of considerations when choosing an assessor for your organization’s SOC 2® report. If you’re feeling overwhelmed, and aren’t sure where to start, we have 4 key points that you’ll want to examine when it’s time to choose a SOC 2® assessment firm.
4 Considerations When Choosing a SOC 2®* Assessment Firm
- Credentials: SOC 2® assessments can only be performed by an independent Certified Public Accountant or affiliated firm. It’s important to ensure that your assessment firm has all of the necessary qualifications to perform and release reports accordingly.
- Experience: It is important to review a firm’s experience and credentials before engaging them for a SOC 2® assessment. Ask if they have completed similar reports and assessments in your space or industry. It’s important to know whether your auditing firm is familiar with the way that your industry operates, which can ease necessary processes with your team.
- Timeframe: If you are looking for a SOC 2® Type 2 assessment, it’s important to get an understanding of the firm’s general time frame and period of assessment when evaluating controls. This type of report requires that your organization’s internal controls be audited over a period of time, so it is a good idea to confirm this information ahead of time.
- Process: Evaluate how your prospective firm will manage the SOC 2® assessment process. All assessors should have a designated process and scope for helping you through your SOC 2® evaluation. Your assessment should also be conducted based on the most recent AICPA guidelines.
Speak to a Compliance Specialist.
Auditwerx is Your SOC 2®* Partner
If your organization is in need of a qualified and experienced, SOC 2® assessment firm, look no further than Auditwerx. We have completed over 2,500 service organization control assessments since 2005. Many of our clients consider Auditwerx to be a trusted advisor, offering guidance in corporate governance and operational and information technology (IT) control strategies.
FAQs
What are the key considerations when choosing a SOC 2® assessment firm?
There are four key factors to consider: the firm’s credentials, their experience in your specific industry, their expected timeframe for the engagement, and their defined process for managing the SOC 2® evaluation.
Why is a firm's industry-specific experience important for a SOC 2® assessment?
A firm with relevant industry experience is already familiar with the unique operational and control challenges within your sector. This understanding helps them tailor the assessment process, making it less disruptive for your internal team and ensuring a smoother path to final compliance reporting.
How does the choice of firm relate to the timeframe for a SOC 2® Type 2 report?
For a SOC 2® Type 2 report, the organization’s internal controls must be reviewed over an extended period of time. It is crucial to get a clear understanding of the prospective firm’s general timeframe and how they will execute the period of assessment to avoid unwanted delays.
What kind of ongoing relationship should a business expect with a compliance partner?
Many successful organizations view their chosen SOC 2® compliance firm as a trusted advisor. This partnership extends beyond the report completion, providing valuable guidance on corporate governance, operational control strategies, and information technology (IT) control enhancements.
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