Outsourcing of different functions is becoming very important for various companies. This offers great opportunities to any service entity but at the same time you have to look at risk. However, you need to understand that the risks you have as a service organization will automatically become the risks the hiring company will have to deal with. Internal controls must be put in place, therefore, to help deal with different issues like security, privacy breaches, and fraud. Therefore, the user entity must be able to approve that you have all taken care of and be able to address some of the stakeholder’s concerns. This is why there are established Systems and Organization Control reporting options that you have.
This is to mean that SOC auditing is very important so that you can get the report. You don’t have to worry a lot about the entire process because there are SOC auditors. You need to understand that it is a service organization, the entire examination process can be very intimidating as well as the standards which can be very confusing. This is one of the major reasons why hiring SOC auditors becomes important. You might want to take your time to identify the best company for this task because you definitely need reliable, trustworthy and accurate SOC reports for your clients to be able to address some of the stakeholders’ concerns on risk management. You deftly want to investigate more about these companies, including taking your time to look at different sources of information like testimonials, reviews as you also look for positive referrals from other service organizations in your industry. You can also look at the BBB ratings of the company to be very sure that it is the best.
You can begin by looking for AICPA affiliated firms near you. The most important thing is that the SOC audit can only be reliable and acceptable if done by AICPA affiliated auditors. They must be able to follow the AICPA standards when auditing which is why it is very basic for you to consider this factor. The other most important thing is that you need certified auditors to be able to have very efficient and effective control assessment and testing techniques. It is wise to engage such companies because if they have such methodologies, it means that they are very independent in ensuring that the examination process is done accordingly to be able to deliver the best SOC reports.
Additionally, the experience of the company is relevant. You need a company that is very comprehensive when it comes to SOC reporting and it is a skill that can develop over time. The efficiency of the company also depends a lot on this experience which is why you need to look at it. Also, be sure that you can find a very affordable company.