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SoC Certification
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Introduction to SOC Attestation
SOC is System and Organization Controls attestation that is one of the essential frameworks for an organization dealing with sensitive data. Especially in regulated sectors such as finance, health, and many other regulated areas, SOC report assurance is important for stakeholders including customers, regulators, and business partners that the organization has sound controls in place for protecting its data and for maintaining integrity, confidentiality, and availability. These reports are put out by independent auditors. It is largely regarded as an indicator in a judgment for reviewing the efficacy of an organization’s internal controls.
Attestation of SOC attestation is much more critical in service organizations including cloud service providers, data center, and the managed IT services provider, that it portrays they are keen about maintaining the same standards for maintaining data security, as well as operational reliability. PopularCert expertly guides as well as support organizations looking towards SOC attestation, navigating this complex process into compliance in a very efficient way.
What is SOC Attestation?
SOC attestation is the audit and reporting process on internal controls, mainly associated with financial reporting, data security, and operational procedures in an organization. The American Institute of Certified Public Accountants developed the SOC framework to standardize the evaluation and reporting over controls. Therefore, there are three types of SOC reports.
- SOC 1: It places an emphasis on controls relevant to financial reporting. This is applied mostly by the service organizations in impacting their client’s financial statement.
- SOC 2: Focuses on controls relating to security, availability, processing integrity, confidentiality, and privacy. It is widely used by technology and cloud service providers.
- SOC 3: A more simplified version of SOC 2, intended for public distribution. It gives a general overview of the controls an organization has in place without disclosing detailed information.
Each type of SOC report is meant to fulfill a specific purpose and is therefore tailored to meet the needs of different stakeholders. SOC 1 and SOC 2 reports are restricted to specific parties, whereas SOC 3 reports can be distributed publicly.
How to Get SoC Certification
Process to Achieve SOC Attestation
Determine the Scope and Type of SOC Report
Identify the type of SOC report (SOC 1, SOC 2, or SOC 3) and the specific Trust Services Criteria (TSC) to be evaluated. Define the scope of the audit, including the systems, processes, and controls to be assessed.
Conduct a Readiness Assessment
Perform a gap analysis to assess where controls are deficient compared to the requirements of the selected SOC report. Identify and develop a plan to close these gaps.
Implement and Document Controls
Develop and implement controls that will meet the SOC framework requirements. Document policies, procedures, and evidence that controls have been implemented.
Engage an Independent Auditor
Select a qualified CPA firm with experience in SOC attestation. Work with the auditor to plan and conduct the audit.
Experience the Audit Process
Make the auditor have access to the documentation, evidence, and personnel. Respond to any findings or recommendations from the auditor.
Obtain the SOC Report
Once the audit is successfully conducted, the auditor will issue the SOC report. Distribute the report to interested parties as required.
Key Principles of SOC Attestation
SOC attestation is based on the Trust Services Criteria (TSC), which are a set of principles as well as criteria, showing what’s required in one’s organization controls in being evaluated. The five key principles of SOC attestation are:
- Security: That the system is protected against unauthorized access, both physical and logical.
- Availability: The system is available for operation as well as use as committed or agreed.
- Processing Integrity: System processing is complete, accurate, timely, and authorized.
- Confidentiality: Information classified as confidential is dealt with as committed or agreed.
- Privacy: Personal information is collected, used, retained, disclosed, and disposed of in line with the organization's privacy notice and relevant privacy principles.
Types Of Certification
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- ISO 17025 Certification
- ISO 13485 Certification
- ISO 20000-1 Certification
- ISO 22301 Certification
- ISO 50001 Certification
- ISO 37001 Certification
- IATF 16949 Certification
- ISO 29001 Certification
- ISO 31000 Certification
- ISO 20121 Certification
- ISO 10002 Certification
- ISO 41001 Certification
- CE Mark Certification
- Halal Certification
- BIFMA Certification
- RoHS Certification
- HACCP Certification
- GMP Certification
- Organic Certification
- AS9100 Certification
- TL 9000 certification
- SA 8000 certification
- SoC Certification
- GDPR Certification
- HIPAA certification
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Benefits of SOC Attestation
- Better Data Protection: SOC ensures that organizations have adequate controls in place to safeguard all sensitive data.
- Customer Confidence Increased: SOC reports give an independent verification of controls for an organization thereby building customer and partner trust.
- Compliancy: SOC attestation supports companies in ensuring compliancy requirements and evades penalties.
- Operational Efficiency: Organizations can improve their operational processes and reduce risks by identifying and addressing control gaps.
- Competitive Advantage: SOC attestation is a factor that distinguishes organizations in the marketplace, making them more attractive to clients and partners.
Cost of SOC Attestation
SOC  attestations is an independent report prepared by a certified public accountant firm. This audit report reviews a service organization’s controls pertaining to security, availability, processing integrity, confidentiality, and privacy. The process of attestation entails an extensive study of the system and practice adopted by the organization in question for them to ascertain that the Trust Services Criteria have been achieved according to the AICPA. The attestation to SOC signifies commitment to sound data security, giving clients and stakeholder’s confidence about information handling practices within the organization.
Why Choose PopularCert for SOC Attestation?
PopularCert offers all-round support in the SOC attestation process and provides customized solutions in achievement and maintenance of compliance with SOC standards for any organization. Whether it’s an initial prep for an audit or even the strengthening of existing controls, PopularCert ensures an efficient and smooth experience. For more details, contact PopularCert at: contact@popularcert.com. Our consultants are here to assist you in achieving SOC attestation and strengthening your organization’s data security and operational reliability.
At PopularCert, we collaborate with both established CPA firms and qualified freelance CPAs to provide cost-effective SOC attestation services. This flexible approach allows us to tailor our services to meet your organization’s specific needs and budget constraints. By leveraging a diverse network of professionals, we ensure that you receive high-quality attestation services without compromising on quality or compliance standards. Our goal is to make the SOC attestation process as efficient and affordable as possible for your organization.
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FAQ
What is SOC attestation?
SOC attestation is an independent evaluation of a service organization’s controls related to security, availability, processing integrity, confidentiality, and privacy, resulting in a report that assures clients and stakeholders of the organization’s commitment to these principles.
Why is SOC attestation important?
Achieving SOC attestation demonstrates an organization’s commitment to maintaining robust data security and operational controls, thereby enhancing client trust and providing a competitive advantage in the marketplace.
What is the difference between SOC 1, SOC 2, and SOC 3 reports?
SOC 1 reports are about the controls relevant to financial reporting. SOC 2 reports are concerned with controls regarding security, availability, processing integrity, confidentiality, and privacy, while SOC 3 reports are similar to SOC 2, but they are for general use and not specific with detailed control descriptions.
How should an organization prepare for a SOC attestation?
Preparation includes making an assessment to know the readiness, implementing improvement where control gaps are established, and dealing with a competent auditor to obtain attestation.
Why must a Certified Public Accountant (CPA) conduct a SOC attestation?
At PopularCert, we collaborate with both established CPA firms and qualified freelance CPAs to provide cost-effective SOC attestation services. This flexible approach allows us to tailor our services to meet your organization’s specific needs and budget constraints