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A framework for auditing service organizations, focusing on non-financial reporting controls.
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ISOC 2 or System and Organization Control 2 is a framework for auditing service organizations, developed by the American Institute of Certified Public Accountants (AICPA), and focusing on non-financial reporting controls related to five Trust Service Criteria: Security, Availability, Processing Integrity, Confidentiality, and Privacy.
It involves two types of reports: Type 1 evaluates the design of controls at a specific point in time, while Type 2 assesses the operational effectiveness of those controls over a period of time. The examination requires a detailed system description and an assertion from management about the system’s effectiveness.
SOC 2® Examination Process
1. Engagement and Contract Agreement
2. Planning and Pre-Assessment
3. SOC 2® Gap Analysis and Preparation
4. SOC 2® – Type1 Examination
5. SOC 2® – Type2 Examination
6. Maintenance
Which of the Trust Service Categories are you required to perform SOC 2® examination?
- Security – Measures are in place to safeguard information and systems from unauthorized access, unauthorized information disclosure, and potential harm to systems.
- Availability -Information and systems are accessible and operational, serving the purpose of meeting the entity’s objectivesy
- Processing Integrity – System processing is carried out in a manner that ensures completeness, validity, accuracy, timeliness, and authorization, all aligned with the entity’s objectives.
- Confidentiality – Protection is afforded to information identified as confidential, with the goal of fulfilling the entity’s objectives.
- Privacy – Personal information undergoes collection, utilization, retention, disclosure, and disposal processes in accordance with the entity’s objectives.
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Why do Organisations Need to Have SOC 2® Reports?
- Increased Trust – SOC 2 compliance builds trust with clients and partners by demonstrating a commitment to the highest standards of data security and privacy.
- Improved Security – Enhance overall cybersecurity measures, protecting your organization and its stakeholders from potential threats.
- Competitive Advantage – Achieving SOC 2 compliance gives your business a competitive edge, reassuring clients that their data is handled with the utmost care and security.
What should organisations do before a SOC 2 examination?
The examination requires a detailed system description and an assertion from management about the system’s effectiveness. Well-documented policies and procedures are crucial for SOC 2 examination. Keep comprehensive records to demonstrate adherence to the framework.
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Frequently Asked Questions
Is a SOC 2 reporting a certification?
SOC 2 reports are not certifications. These reports are specifically intended for use by knowledgeable entities, including the service organization, user entities, and user auditors.
Which standard applies to SOC 2 examinations?
SOC 2 reports are attestation examinations that are conducted in accordance with the SSAE 18 standard, governed by the AICPA.
What is the difference between a SOC 2 Type 1 and Type 2 examination?
A SOC 2 Type 1 examination evaluates the design and implementation of controls at a specific point in time, while a SOC 2 Type 2 examination assesses the operational effectiveness of these controls over a period, typically at least six months.
What are the key trust service categories in a SOC 2 examination?
The key trust service categories in a SOC 2 examination are Security, Availability, Processing Integrity, Confidentiality, and Privacy.
How does a service organization determine the scope of its SOC 2 examination?
The scope of a SOC 2 examination is determined based on the systems and processes that are relevant to the security, availability, processing integrity, confidentiality, and privacy of the organization’s services. It is often defined in collaboration with the auditing firm.
What role does management play in the SOC 2 examination process?
Management is responsible for implementing and maintaining effective controls. During a SOC 2 examination, management provides documentation, supports testing, and addresses any identified deficiencies.
Can a service organization select specific trust service criteria for examination?
Yes, a service organization can select specific trust service criteria based on its business needs and objectives. However, the Security criteria category is essential for all SOC 2 examinations. The selection of trust service categories depends on the services provided and the areas of focus relevant to the organization’s operations.
How long does a typical SOC 2 examination process take?
The duration of a SOC 2 examination varies based on factors such as the type of examination (Type-1 or Type-2), organization’s complexity, its readiness, the scope of the audit, frequency of control activities, findings, and coordination with subservice organizations. A Type 1 examination is generally shorter than a Type 2 examination.
How often should a service organization undergo a SOC 2 examination?
The frequency of SOC 2 examinations depends on various factors, but it’s common for organizations to undergo an annual examination to demonstrate ongoing commitment to security and compliance.
What are the costs associated with SOC 2 examination?
GCC provides competitive pricing for SOC 2 examinations, taking into consideration various factors provided by the client. These factors encompass the scope of the system, the complexity of the organization, the preferred type of SOC 2 examination (Type 1 or Type 2), and the chosen trust service categories for the examination. This personalized approach guarantees that the quoted price is in harmony with the distinct needs and requirements of each client, delivering a thorough estimate that considers the intricacies of their unique circumstances.
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