SOC REPORTING IN EDEN PRAIRIE FOR ASSURANCE, TRANSPARENCY, AND TRUST
Boulay SOC Reporting services in Eden Prairie are conveniently located at the corner of I-494 and Prairie Center Drive. Our team of certified professionals in Eden Prairie are ready to help you understand which type of SOC reporting is right for your business needs.
Boulay can be your trusted partner in ensuring that your business meets the necessary System and Organization Controls (SOC) reporting and compliance standards. With increasing awareness of the risks involved in service delivery, SOC reporting is crucial in building trust and transparency with stakeholders, proactively managing and mitigating risks, and competing for and retaining customers who require SOC assurance.
SOC reports involve assessments of your company’s internal controls, conducted by independent CPA firms. Choosing the right CPA firm for SOC reporting can help you meet regulatory and auditor requirements and establish credibility with both current and potential customers. Boulay offers three types of SOC reporting engagements and can assist you in achieving your goals.
Office Hours
Monday 8 – 4:30 PM
Tuesday 8 – 4:30 PM
Wednesday 8 – 4:30 PM
Thursday 8 – 4:30 PM
Friday 8 – 4:30 PM
SOC Reporting for Assurance, Transparency and Trust
As companies increase their awareness of the risks posed in service delivery, Boulay is your partner to ensure your business meets the System and Organization Controls (SOC) reporting and compliance standards necessary to compete for and retain customers asking for SOC assurance. Beyond assurance, SOC reporting helps you build trust and transparency with stakeholders and proactively identify, manage and mitigate risks.
SOC reports are assessments of your company’s internal controls, performed by an independent CPA firm. Partnering with the right CPA firm for SOC reporting helps you meet auditor and regulatory requirements and build credibility for current and prospective customers. Boulay is here to help you get there with three types of SOC reporting engagements.
SOC 1
SOC 1 reports evaluate your organization’s internal control over financial reporting (ICFR). Distribution of the SOC 1 report is limited to management of your service organization, customer (user) entities and user auditors. SOC 1 reports are typically required for service organizations whose operations may impact the financial statements of their user entities, such as:
- Payroll
- Insurance and claims processors
- Financial services and payment processors
- Loan-servicing companies
There are two types of SOC 1 reports:
- SOC 1 Type 1 reports assess the procedures and ICFR the organization has put into place as of a point in time.
- SOC 1 Type 2 reports evaluate the procedures and ICFR the organization has put into place, as well as the operating effectiveness of these controls, over a given period of time.
SOC 2
SOC 2 reports evaluate your organization’s internal controls relevant to trust services criteria (security, availability, processing integrity, confidentiality and privacy). The audience for SOC 2 reports is restricted to management, user entities, regulators and other specified parties. SOC 2 reports are most commonly required for service organizations who store or process client information, including:
- Software-as-a-Service (SaaS) organizations
- Cloud data storage providers
- Marketing agencies
- IT services
- Companies that need a SOC 1 report
Similar to SOC 1, SOC 2 reports are divided into two categories:
- SOC 2 Type 1 reports evaluate the trust services criteria procedures and controls the organization has put into place as of a point in time.
- SOC 2 Type 2 reports assess the trust services criteria procedures and controls the organization has put into place, as well as the operating effectiveness of these controls, over a given period of time.
SOC 3
SOC 3 reports are similar to SOC 2 reports in that both evaluate trust services criteria controls and the effectiveness of these controls. However, SOC 3 reports are much less detailed, providing a shorter overview for a more general (public) audience.
How we Help You Get There
Each type of SOC report addresses specific needs, and Boulay’s Risk Advisory team is here to help you determine which level of SOC reporting is right for the needs of your business. Let our team help you build trust, tackle your assurance challenges and manage risks – contact us today.
Risk Advisory Team
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