In today’s operating environment, all organizations need to focus on the internal controls of their own company as well as those of the service organizations they use, provide information to, and/or rely on for providing accurate information. The AICPA overhauled their service organization reporting standards and replaced the old SAS70 report with 3 different options; SOC 1, SOC 2, and SOC 3. These new options were designed to address the modern day issues around security, availability, process integrity, confidentiality, and privacy. (Read KPM’s data sheet on Service Organization Control Reports.)
KPM Can Help Your Organization Navigate the SOC Process
The increased concerns that management, oversight boards, and regulators have over their organization’s information has created unprecedented demand for service organizations to provide its clients/user-entities with attestation reports. More and more user-entities are requiring SOC reports from their service organization as part of the contractual obligations of the service organization. KPM can help service organizations navigate what reporting requirements would be most beneficial to their user-entities.
KPM also assists service organizations in preparing for a SOC audit performed by another external auditor. Some service organizations like to use outside resources to help them prepare for a SOC audit. Having experience on both the prep and audit side of service organization control audits, KPM offers insight and perspective into the process and can help a service organization effectively prepare for the audit and identify potential areas of concern prior to the audit starting.
The KPM team takes a hands-on approach and delivers personalized service and attention that can be lost working with a larger firm. Our Business Ideas at Work SM philosophy means that our team takes pride in delivering flexible, responsive, and nimble service. We can help service organizations obtain a SOC Report which can then be used as a tool to proactively address potential user-entity concerns and even accelerate the sales process by acting as a differentiator in a crowded market place.