Outsourcing of tasks has become a very common and a necessary need for very many companies that is what is currently happening in the market. This offers great opportunities to any service entity but at the same time you have to look at risk. The only big issue that requires a lot of consideration is the fact that your risks will become your client’s risks and this is a big deal. Some of the risks might include privacy breaches, fraud and security and these are among the things that internal controls are trying to solve. Your client must be able to address some of the stakeholder’s concerns when it comes to such risks that is why they have to increase its due diligence before hiring any service organization like you. This is why there are established Systems and Organization Control reporting options that you have.
SOC auditing becomes necessary because you need to have the report ready when the user entity wants the report. The good thing is that you don’t have to struggle a lot because there are SOC auditors. The truth is when you look at the set standards as well as the examination process, it is easy to get confused and intimidated even before you can begin the entire auditing process. Working with SOC auditors makes the work much easier which is why you might want to look for the best. At the end of the day, getting a reliable and trustworthy SOC report is the goal which is why you need to also take your time to identify the best company for this. Reading reviews, testimonials and getting referrals is important before you can choose any company. Additionally, BBB ratings of the company can be very helpful in deciding.
You need to confirm that you are working with AICPA affiliated company. The idea behind this is the fact that SOC audit can only be completed and reliable if done by AICPA affiliated companies. This is because they have to do the audit according to the set AICPA standards. Additionally, certified auditors are the best work because they already have established the best control assessment and testing methodologies. These methodologies will help them to deliver the best SOC reports as they take a more consultative approach in the entire examination process.
You might also want to consider the experience of the company because it plays a very important role. 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.