Introduction to System and Organization Controls (SOC) Reports
When you are running a Tech company and you might have promising sales and your potential customers see great value in the product or service that you are providing. While you will continue to fill your client base with new potential clients, it will not take long to realize the security and reliability of your internal controls are going to be a major obstacle in competing with other systems and providing comfort to your customers. Regardless of their size and type of business, your clients will be always concerned about the trustworthiness of your company and its system. One of the positive signals to your customers on the reliability and adequacy of the controls over the system would be becoming a SOC certified system.
System and Organization Controls (SOC) reports enabling companies to feel confident that service providers are operating in an ethical and compliant manner. It provides valuable information that users need to assess and address the risks associated with an outsourced service. As a service provider seeking to differentiate yourself from your competitors, you understand the importance of demonstrating the establishment and effective operation of internal controls on the services you provide to your customers. System and Organization Controls (SOC) (formerly Service Organization Control) reports conveying the confidence, trust, and credibility of the internal controls of your business to your customers and their auditors. The end results of this level of transparency – delivering comfort to your clients by providing them information showcasing your commitment to reducing risks as well as an opinion from an independent third-party provider on the process most important to your customers.
Some benefits of SOC reports are:
- Increase trust and transparency to stakeholders
- Meet contractual requirements and concerns
- Address risks proactively
- Reduce compliance costs and time spent
PKF Antares has a team of trained and experienced professionals who can assist with any aspect of SOC reporting. Our international team of experts can deliver an independent examination report based on the specific needs of the service organization.