Most companies often are on cross-roads on how to choose the right SOC type of Audit for their organization. Organization can choose either SOC1 or SOC2 audits types 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.
When it comes to the audit, the SOC2 is one of the most common types of audits. It is a type of compliance audit that ensures that a company is complying with security and privacy standards. SOC2 audits are often used by companies in order to show their customers and partners that they are compliant with all requirements.
The real challenge in choosing the right service provider to help you with the attestation of the Audit report be it SOC1 or SOC2. The following are the suggestions that organization intend to go in for Attestation Process.
The SOC 2 Type II audit is a comprehensive assessment of an organization’s security management system. It is a process of evaluating the effectiveness of an organization’s information security program and its compliance with the requirements of the standard.
SOC2 audits compliance has become a necessity for many businesses, as it provides a way to demonstrate that their data is being securely managed and protected.
In today’s business environment, where security has become a major concern, the need for SOC2 audits has become prevalent. If you want to be sure your services are in compliance with the SOC 2 audit standard, IARM can help.
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