Skoda Minotti provides an affordable, efficient approach to SOC 1 (previously SSAE 16) compliance. We bring Big 4 expertise – without the expense – to clients ranging from small private firms to Fortune 500 companies. Our audit specialists will design a customized process to help your organization benchmark and compare internal controls against industry best practices. We also specialize in assisting with first-time compliance.
Understanding SOC 1. SOC 1 is an internationally recognized third-party assurance audit designed for service organizations that replaced SAS 70 in 2011. Service organizations that impact their clients’ internal controls over financial reporting should consider a SOC 1 report to meet customer requirements. If security, confidentiality, availability or processing integrity is a critical concern, a SOC 2 report may be the more appropriate standard.
Benefits of a SOC 1 report. SOC 1 provides service organizations benchmarks for comparing their internal controls with industry best practices. In addition to having a vetted independent third party review of your organization additional benefits include:
SOC 2 is an independent assessment of your organization’s systems against an industry accepted data security program. A SOC 2 report will illustrate your organization’s controls related to security, availability, processing integrity, confidentiality and privacy. Receiving a SOC 2 report from Skoda Minotti will provide you with a valuable report to share with clients and create trust from third-party entities.
Skoda Minotti brings you custom-built assessments, reporting and collaboration tools so SOC 2 engagements can be completed efficiently, effectively and on budget. Our in-house resources and knowledge span across a range of industries, and our IT expertise provides you with the most sophisticated level of service at a fair cost.
Industries for SOC 2. The following industries (and many more) ask us for advice.
SOC 2 Criteria. Not sure if you need a SOC 1, 2, 3 or all of the above? A Skoda Minotti specialist will walk you through these reporting standards and advise on what your organization needs to stay compliant, competitive and cost-efficient. SOC 2 reporting criteria is identical to Trust Services/SOC 3—but the difference is how the report is formatted. SOC 2 reports provide reporting and testing procedures for third parties to evaluate.
Earn stakeholders’ trust and drive sales ▪ Achieve verification that your systems protect confidentiality and preserve data privacy ▪ Assure customers that your systems process transactions accurately.
SOC 3 compliance, including WebTrust and SysTrust, is specifically designed for companies seeking independent assurance related to information systems and e-commerce.
Industries for SOC 3. Skoda Minotti serves a range of industries that benefit from SOC 3 audits, including:
The Trust Framework. The American Institute of CPAs (AICPA) and Canadian Institute of Chartered Accountants (CICA) established the foundation of the Trust Services Framework, which includes:
Security – the system is protected against unauthorized access, physical and logical.
Availability – the system is available for operation and use as committed or agreed.
Processing integrity – system processing is complete, accurate, timely and authorized.
Confidentiality – information designated as confidential is protected as committed or agreed.
Privacy – personal information is collected, used, retained, disclosed and destroyed in conformity with the commitments in the entity’s privacy notice and with criteria set forth in generally accepted privacy principals issued by the AICAPA and CICA.
We’re a full-service advisory firm with niche practice experience—and we are easy to work with. Our creative, talented professionals are committed to implementing the latest technology to build efficiencies. With more than 30 years of proven history in our field, we bring time-tested solutions and the latest innovations to your company. We also engage auditors with certifications such as CISSP, CISA, CISM, QSA, CIA, in addition to our on-site CPAs, in order to complete your company’s audit.
Which SOC report does your company need? Download a free reference guide by clicking on the button below.