Understanding a Service Organizational Control (SOC) Report
A Service Organization Control (SOC) Report as defined by the AICPA is an “internal control report on the services provided by a service organization providing valuable information that users need to assess to address the risks associated with an outsourced service.” In plain English, it’s basically a report card that service organizations can provide their end users to show its safe to do business with them as an outsourced provider. A SOC report not only demonstrates that an organization processes transactions in a secure environment, but also that their data is reliable, complete and accurate.
A request for a SOC report is often the first step in the due diligence process when selecting a new service provider. And for industries that are highly regulated and under pressure to demonstrate compliance with the most stringent of IT frameworks, such as Financial Institutions and Technology Companies, you need a firm that knows the elements of good risk management.
Porter Keadle Moore (PKM) has served these industries for more than 20 years, working with clients throughout the Southeast and across the United States. A PKM SOC report provides our clients with user transparency through a report that is valuable not only to management, but also third-party stakeholders.
Whether your company is new to the SOC audit process and in need of significant guidance, or has been audited many times, PKM has the right mix of experience and expertise you need. Every day, we work with companies that are under substantial scrutiny from their users. As a result, we offer SOC Reports that provide confidence to the scrutinizing parties, ultimately helping our clients to win more customers and drive growth.
Our SOC Expertise
At PKM, we have provided third-party audits and related services since 1997 including:
- SOC Report Readiness Assessments
- SOC 1 (SSAE 16 Report) – types I and II
- SOC 2 (AT 101 Report) – types I and II
- SOC 3 (AT 101 Report) – types I and I
Our team serves organizations nationwide that count their own clients as some of the largest financial service companies in the country. Our goal is to add value to your business by reducing your risk and increasing long term value – it’s something we do every day.
For more information or to schedule a consultation, please contact Terry Ammons or call 404.420.5679.