With data security becoming of increasing concern for both customers and businesses, it is important for service organizations to provide assurances that customer data is being protected. Service organizations can instill confidence in customers by becoming SOC compliant. Alcumus Bangladesh is experienced to provide SOC compliance services. Our auditors are experts in a wide range of industries, and carry relevant certifications such as ISO 27001 LA, CISSP, CISA, QSA, and CPA to provide you the highest level of expertise and service possible. Alcumus Bangladesh can help your business become SOC compliant and satisfy your patron’s desires for compliance.
SAS 70/SSAE 16/SOC EXPLAINED
Statements on Standards of Attestation Engagements (SSAE) are issued by the American Institute of CPAs (AICPA). As of June 15, 2011, SSAE 16 has replaced SAS 70 as the new standard for reporting on controls at service organizations. SAS 70, and now SSAE 16, gives service providers a benchmark for internal controls and processes. Using these benchmarks in your organization ensures processes and controls are in line with industry best practices.
There are three (3) distinct SOC reports, SOC 1, 2, and 3. Each report focuses on different controls and intended users. There are also two (2) levels of validation for SOC reports, Type I and Type II. A Type I report provides a point-in-time audit of controls, while a Type II report provides validation of controls over a period of time. Usually, new organizations wishing to become SOC compliant begin with a Type I Type II validation since a Type II report takes a minimum of six (6) months to complete.
BENEFITS OF SOC REPORTING
Becoming SOC compliant is a great way to project confidence and credibility to customers. Service organizations are often trusted with sensitive and confidential information by their customers. It is crucial to your business success to show customers that your firm take its responsibility seriously. Report and maintaining SOC compliance is the perfect way to show customers your commitment to them, and demonstrate how important your responsibility as a service organization is to your business.
SOME OF THE BENEFITS OF A SOC REPORT INCLUDE:
- Instant credibility
- Customer confidence
- Validation of in-place controls, procedures, and process
- Independent third party assessment of controls
- Potential market growth
SOC COMPLIANCE SERVICES
Alcumus Bangladesh provides a complete range of SOC reporting services. We can provide your organization with a SOC 1, 2 or 3 report, with either Type I or Type II validation. We can help provide your business with the confidence and credibility needed to grow and thrive within any industry.
OUR SOC REPORTING SERVICES INCLUDE:
SOC Readiness Assessment – Alcumus Bangladesh’s readiness assessment will help your company prepare for its first SOC audit. This is a great place to start for organizations that have never been through a SOC audit. We will guide/navigate you through the process, evaluate your existing controls, and generate a plan for becoming SOC compliant.
SOC Type I Report – A SOC Type I report is a great place to start for the first SOC assessment. A SOC Type I report will provide your business with an independent third party verification of its internal controls and how each meets the intended objectives at a given point-in-time. A SOC Type I report will help you establish credibility with customers and prepare for the more in-depth Type II validation.
SOC Type II Report – The SOC Type II report provides the highest level of assurance to all customers and clients. The Type II report will provide verification of the service organizations controls, with respect to their design and operating effectiveness over a period of time. SOC Type II reports typically cover a six (6) to twelve (12) months duration.