Clearly articulate controls over financial reporting
To provide stakeholders with increased transparency around your financial controls and meet regulatory requirements requiring controls attestation, prepare a SOC 1 report for your organization. Also known as CSAE (Canadian Standard on Assurance Engagements) 3416, ISAE (International Standard on Assurance Engagements) 3402 or AICPA (American Institute of Certified Public Accountants) AT-C 320 reports, a SOC 1 report addresses internal controls over financial reporting. This will ensure independent assurance of controls over processes related to financial reporting outsourced to a third party.
Address controls over non-financial reporting
With the growing use of cloud-based storage solutions, there’s an increased demand for assurance over the management and security of sensitive data. Companies that rely on third parties to use, store and dispose of critical data need comfort that their service provider’s controls are strong and able to protect both financial and non-financial information. To satisfy regulator and stakeholder concerns, a SOC 2 or SOC 3 report focuses on controls specific to security, availability, processing integrity, confidentiality and privacy.
Meet contractual obligations or other market requirements
To meet the requirements of stakeholders that go beyond traditional SOC 1 and SOC 2 reports, organizations can provide specified procedures reporting or vendor attestation reporting to include additional criteria specific to particular users’ needs and reduce or eliminate the need for them to make on-site visits.