Key Takeaways
Trust Builder: A high-quality SOC report is essential for building and maintaining client and investor trust.
Tailored Approach: The assessment partner must take the time to deeply understand your unique business and controls, avoiding generic templates.
Red Flags: Avoid firms with excessively low rates, rushed timelines, or reports using templated, non-specific language.
Experience Saves Money: An experienced assessment team increases efficiency and thoroughness, saving your organization time and reducing future risk. Click here to explore SOC* Solutions from Auditwerx.
The Focus of A SOC* Assessment
The focus of a SOC* assessment is security, and having the right partner can make all the difference. The quality of your assessment is important as a trust building tool for your clients and investors.
Your assessment partner must take the time to fully understand your practices and controls. Understanding your business or industry needs is the first step to addressing your compliance initiatives.
Your assessment partner needs to be able to work closely with your key stakeholders to properly address your unique processes and controls. An experienced team with a long-standing reputation can help facilitate your SOC assessment in an efficient manner, saving your organization time and money.
Speak to a Compliance Specialist.
Building Trust with Clients
A SOC report helps to build trust with your current and future clients, so being able to trust your assessment partner is important. There are three key areas to be aware of when choosing an assessment partner.
1. A short turnaround time could be an indicator of larger issues.
You want a SOC service provider that will allow enough time for a thorough review of your system information and control structure.
You don’t want a firm that will just slap your organization’s logo on a prepared document and doesn’t perform a proper and complete review of your systems – that is not a way to build trust.
2. If the firm you are considering provides a quote that is well below standard rates - run, don’t walk, the other way.
While a cheap assessment can feel appealing on paper, a subpar report only offers increased risk for your organization down the road. Who has time for that?
3. Your SOC assessment should be tailored to your unique organization and specific security needs.
Be wary of reports that use templated language, with no specific language regarding your system or controls. This kind of report does not comply with AICPA standards.
If you are ready to experience a quality compliance assessment with an experienced partner, turn to the professionals at Auditwerx.
Auditwerx is Your Trusted SOC* Partner
If you are ready to experience a quality compliance assessment with an experienced partner, turn to the professionals at Auditwerx. Contact us today to check off your SOC* compliance needs.
FAQs
A quality SOC assessment is crucial because its primary focus is security. The resulting report serves as a vital trust-building tool for both your current and future clients, as well as your investors.
A quality partner must take the time to fully understand your unique practices, controls, business, and industry needs. An effective assessment should be tailored to your specific organization, not based on generic, templated language.
You should be wary of firms that offer:
A short turnaround time, which can indicate an insufficient, rushed review.
Quotes that are well below standard rates, as a cheap assessment often results in a subpar report and increased risk.
Reports that use templated language without specific details about your system or controls, as this does not comply with AICPA standards.
An experienced team with a strong reputation can facilitate your SOC assessment in an efficient manner, ensuring a thorough review while ultimately saving your organization time and money.
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Auditwerx Team
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