It is important for service organizations to exhibit their commitment to internal controls.
Milwaukee and Wisconsin companies that host applications (i.e., “service organizations”), may find themselves in need of a System and Organization Controls (SOC) report. As service organization customers are becoming increasingly savvy, they are commonly in need of a SOC report as a standard part of their vendor risk management process. The problem is that most service organization customers don’t use the correct terminology and don’t truly understand what they need or are asking for. The service organization doesn’t know exactly what they need, but they know they need it now!
SOC reports are designed to help service organizations build trust and confidence in the service performed and in its controls through a report by an independent Certified Public Accountant (CPA). Each type of SOC report is designed to help service organizations meet specific user needs. In today’s market, service organizations must exhibit their commitment to internal controls, and a SOC report demonstrates that to their customers.
- SOC 1 Report (Type 1 or Type 2)
- A SOC 1 report is designed for financial transaction processing and is primarily used to validate controls over the completeness and accuracy of monetary transactions and financial statement reporting.
- SOC 2 Report (Type 1 or Type 2)
- A SOC 2 report is designed to provide detailed information and assurance about the controls at a service organization relevant to the “trust services criteria,” including the security, availability and processing integrity of the systems it uses to process users’ data and the confidentiality and privacy of the information processed.
- SOC 3 Report
- A SOC 3 report covers the same testing procedures as a SOC 2 report, but it omits the detailed test results and is intended for general public distribution.
Moore Colson, an Atlanta-based firm, provides SOC report audits to companies in Milwaukee and across Wisconsin. Our team has been providing SOC readiness and assurance services for over 25 years. Our diverse range of experience permits us to more easily understand a company’s risk profile, areas of exposure, and important testing variables. This makes the SOC auditing process more effective and efficient, focusing on the most critical areas of vulnerability.
Moore Colson provides SOC 1, SOC 2, and SOC 3 audits to companies in Milwaukee and across Wisconsin. If you are interested in learning how we can assist your organization from readiness through Type 2 attestation, complete the form below and a team member will follow up with you promptly.
Milwaukee‘s history as a manufacturing powerhouse is deeply woven into its business community. The city’s iconic breweries and industrial landmarks stand as reminders of its industrial legacy. Today, Milwaukee is home to a diverse range of industries, including manufacturing, healthcare, technology, finance, and education.
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