Why Does My Business Need a SOC Report?

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Auditwerx Blog Why Does My Business Need a SOC Report

You might be wondering why your business needs a SOC report in the first place. It’s important to give your business every advantage in a competitive market, and a SOC report can help instill trust with current or perspective clients.

4 Reasons to Consider a SOC Report

  1.  Your Clients Expect It – Your clients expect you to provide them with an auditor’s
    opinion about your policies, procedures, and controls in the areas of IT, data security, and transaction processing.
  2. Your Systems Need It – While customers value the assurance that a SOC report provides, businesses that undertake a SOC engagement gain valuable insights into their controls’ strengths and weaknesses. These independent third-party reviews are based
    on an objective set of standards to help executives identify systemic problems.
  3. Your Competitors Could Beat You to It – In a competitive market, you can’t afford to cede an advantage to your competition. Even if your business hasn’t encountered a client that requires you to provide a SOC report yet, you are may either be losing ground to competitors who already offer them or failing to press an advantage over competitors who don’t.
  4. Your Industry Demands It – SOC reports deliver a wealth of information about your business to clients, prospects, competitors, and regulators. Not only do they provide evidence of compliance with AICPA
    standards, but they also offer a map to federal standards like NIST and HIPAA. With so much of today’s business transacted electronically, leadership in any sector will require a commitment to rigorous controls.

Your SOC Compliance Partner

We understand the uncertainties you face in starting what can seem to be a daunting process. Our team of professionals will work with you to walk you through each step of the process by explaining the requirements and helping you outline and identify the controls you have in place in your organization.

We provide this in a remote, project-based process that helps you see what is needed and what comes next in the process. We know you have your daily tasks to focus on, and we can work around your availability to ensure the least amount of disruption so you can focus on what is important—your business.

If you are ready to get started on your SOC journey, contact us today to speak to a specialist about your reporting needs.

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