In-kind, Equity
SOC Assurance
A System and Organization Control 2 or SOC 2 report is given to a service organization after it demonstrates that it has sufficient internal controls in place for its information systems so that they follow one or more of the Trust Services Principles and Criteria. These criteria usually apply to organizations that do store or process information for their customers such as cloud hosting companies, Software as a Service (SaaS) companies or data processing companies.
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Description
A System and Organization Control 2 or SOC 2 report is given to a service organization after it demonstrates that it has sufficient internal controls in place for its information systems so that they follow one or more of the Trust Services Principles and Criteria. These criteria usually apply to organizations that do store or process information for their customers such as cloud hosting companies, Software as a Service (SaaS) companies or data processing companies.By obtaining a SOC 2 report from an auditing agency, you can demonstrate to your client that your internal controls for your information systems are in place and effective. The SOC 2 report is made up of two parts, Type I and Type II, each of which delivers a different value to your clients.Companies do find it difficult to determine the correct kind of control for their size since implementation of effective controls is a time and resource consuming task. Good planning and implementation is key to completing the SOC2 Type II audit and ensuring compliance for your customers.