WHAT IS A SOC 2 AUDIT?
A SOC 2 audit evaluates internal controls, policies, and procedures that directly relate to the AICPA’s Trust Services Criteria (TSC).
What are the SOC 2 Trust Services Criteria (TSC)?
SOC 2 has 5 Trust principles :-
iii. Processing Integrity
WHAT IS IN A SOC 2 AUDIT REPORT?
A SOC 2 audit report is designed to provide assurance to service organizations’ clients, management and user entities about the suitability and effectiveness of the service organization’s controls that are relevant to security, availability, processing integrity, confidentiality and/or privacy.
There are two types of SOC 2 audits and reports:
Type 1 – An audit and report which basically evaluates the Test of Design (ToD) of the processes in place in the organization without getting into testing the effectiveness of the controls.
Type 2 – An audit and report which checks not only the ToD but also assesses the effectiveness of the controls over a period of time - usually a minimum of six months.
A SOC 2 audit report includes:
An opinion letter
A detailed description of the system or service
Details of the selected trust services categories
Tests of controls and the results of testing; and
Optional additional information
It also specifies whether the service organisation complies with the AICPA TSC.
Our structured approach helps us to easily determine the applicable list of risks and controls that are required to achieve SOC 2 attestation. This ensures that your organisation has adequate ‘internal controls’ over applicable security criteria, to assure any Certified Public Accountant (CPA) for issuance of SOC 2 reports.
BENEFITS OF A SOC 2 AUDIT
Provides a recognized attestation of the effectiveness of your organization’s controls relating to security, availability, confidentiality, processing integrity and privacy.
Is tailored to your organization’s core business objectives and requirements.
Establishes trust with clients, investors and the board of directors by providing an independent audit.
Identifies and corrects inefficiencies.
Expands your business capabilities to the public sector.
Provides transparency into how your organisation controls and manages risk.
Reduces overall organizational and cyber risk.
Improves cyber resilience.
Lowers the cost of cyber insurance premiums.
Reduces impact and response times from incidents.
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