The American Institute of Certified Public Accountants (AICPA) developed the System and Organization Controls (SOC) report framework as a component of the Statement on Standards for Attestation Engagements (SSAE) 18. Under this framework, an independent auditor conducts procedures and provides an audit opinion, adhering to the same independence requirements observed in external audits of financial statements.
There are predominantly 3 types of SOC reports. Namely SOC 1 (type 1 and type 2), SOC 2 (Type 1 and Type 2) and SOC 3.
Report on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting
Type 1 – report on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design of the controls to achieve the related control objectives included in the description as of a specified date
Type 2 - report on the fairness of the presentation of management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls to achieve the related control objectives included in the description throughout a specified period
Report on Controls at a Service Organization Relevant to Security, Availability, Processing Integrity, Confidentiality or Privacy
Similar to a SOC 1 report, there are two types of reports: A type 2 report on management’s description of a service organization’s system and the suitability of the design and operating effectiveness of controls; and a type 1 report on management’s description of a service organization’s system and the suitability of the design of controls. Use of these reports are restricted.
These reports can play an important role in:
These reports are designed to meet the needs of users who need assurance about the controls at a service organization relevant to security, availability, processing integrity confidentiality, or privacy, but do not have the need for or the knowledge necessary to make effective use of a SOC 2 Report. Because they are general use reports, SOC 3 reports can be freely distributed.
Ampcus Cyber offers a comprehensive assessment service for System and Organization Controls (SOC) and Statement on Standards for Attestation Engagements (SSAE). Our team of experienced professionals has the knowledge and expertise to conduct a thorough evaluation of your organization's controls and provide an unbiased report on their effectiveness.
Ampcus Cyber employs a comprehensive and strategic approach to delivering SOC/SSEA assessment for businesses. Our approach is rooted in the T-SAMA model, which stands for Train, Scope, Assessment, Mitigate, and Audit. Here's how we execute each step to provide a successful SOC/SSEA assessment
Ampcus Cyber will initiate the SOC/SSEA assessment process by executing an engagement letter that outlines the scope of the assessment, specific objectives to be accomplished, responsibilities, and the schedule of work. We will then meet with the management team to confirm and define the scope and objectives of the examination. During this meeting, we will also review the control activities identified during the readiness phase to ensure that they are still relevant and reflective of any changes made to the processor system. Additionally, we will classify the policies and procedures in place at the organization to determine their effectiveness in meeting the required standards for SOC/SSEA assessment.
The step involves evaluating the system description to ensure that it provides a fair presentation of the system's design and implementation during the reporting period. This is followed by executing tests of controls to determine whether the control activities were designed and operated effectively in compliance with the requirements of SSAE18 during the reporting period. We confirm our observations with the control owners and perform follow-ups to evaluate compensating controls.
After completing the fieldwork, we proceed to draft the report, which includes the tests conducted and their results. We then perform a quality review to ensure the accuracy and completeness of the SOC audit report. Next, we engage in discussions with the client to share the findings and identify improvement opportunities. To conclude the process, we obtain a management representation letter and finalize the management assertion. We make necessary adjustments and revisions to the report and present it to management for approval. As part of our commitment to continuous improvement, we also conduct a client service assessment to gather feedback on our performance and identify areas for enhancement.
Ampcus Cyber's deliverables include SOC reports, which can be categorized into SOC 1, SOC 2, SOC 3, and other variations depending on the type of audit engagement and client requirements.
We begin by understanding your business requirements, objectives, and scope of the assessment. This helps us tailor our approach to meet your specific needs.
We work closely with your team to define the scope of the assessment, identify the relevant control objectives, and establish a timeline for the engagement. This step ensures that the assessment is aligned with your organization's goals and objectives.
We collect and review relevant documentation, policies, procedures, and other necessary information to assess the effectiveness of your control environment.
Our experienced auditors perform detailed testing of controls to evaluate their design and operating effectiveness. We analyze the results to identify any gaps or areas for improvement.
We prepare comprehensive reports that outline the findings of the assessment, including strengths, weaknesses, and recommendations for enhancing your control environment. Our reports are clear, concise, and provide actionable insights to help you improve your security posture.
We offer post-assessment support to assist you in implementing the recommended improvements and addressing any identified issues. Our team is available to answer any questions and provide guidance throughout the process.
At Ampcus Cyber, we prioritize quality, accuracy, and professionalism in delivering SOC/SSEA assessments. Our experienced team of auditors and consultants ensures that you receive a thorough and reliable assessment that helps you strengthen your security controls and meet industry compliance standards.
Unleash the Power of Secure Business Operations with Ampcus Cyber's SOC/SSEA Assessment! Are you looking to enhance the security and trustworthiness of your business operations? Look no further! Connect with Ampcus Cyber, the industry leader in SOC/SSEA assessment services, and unlock a world of secure possibilities.
A SOC assessment, also known as a Service Organization Control assessment, is an evaluation of a service provider's controls and processes related to data security, availability, processing integrity, confidentiality, and privacy. It provides assurance to clients and stakeholders regarding the effectiveness of the service provider's controls.
SOC 1 reports focus on controls relevant to financial reporting, SOC 2 reports assess controls related to security, availability, processing integrity, confidentiality, and privacy, while SOC 3 reports provide a general overview of the service provider's controls without going into detailed specifics.
SOC compliance demonstrates that a service provider has implemented robust controls and processes to protect the security, integrity, and confidentiality of client data. It enhances trust and confidence among clients, stakeholders, and regulators, contributing to the overall reputation and credibility of the business.
SOC assessments should be performed annually or as required by client contracts and regulatory obligations. Regular assessments help ensure that the service provider's controls remain effective and aligned with evolving industry standards.
