Most companies often are on cross-roads on how to choose the right SOC type of Audit for their organization. Organization can choose either SOC 1 or SOC 2 types of audit based on the requirements and controls that they have implemented.
The control objectives related to both business process and information security which may impact the client’s financial reporting, shall choose SOC 1. Under the SOC 1, the organization can just opt for Type 1 which is just the Description of Controls of what they have implemented. If they choose SOC 1 and Type II, the organization should demonstrate the description of controls and also provide the results of testing as part of evidence exercise.
Similarly if the organization would like to opt for SOC2 Type2 Audit, which is much more than the SOC1 but also addresses the Trust Principle (i.e) Availability, Security, Process Integrity, Confidentiality and Privacy. Like SOC 1, SOC 2 also has Type I and Type II which states the Description of Controls and also Description of Controls and Testing with results.
The real challenge in choosing the right service provider to help you with the attestation of the Audit report be it SOC 1 or SOC2. The following are the suggestions that organization intend to go in for Attestation Process.
IARM will do SOC 2 type 2 Audit, for all service industries. Now a days Enterprises are struggling with regulatory compliance issues largely because of audit costs, financial obligations, and recognizing the complexities of the laws and regulations themselves.
We are here to help. Our audit team has performed SOC2 type 2 Compliance and Audit Services for a number of industries, including property management companies, application service providers, financial institutions and payroll service bureaus.
IARM has empaneled the credible & reputed CPA’s to attest the report for SOC2 Type2 Compliance.