Build Buyer Trust with Independent SOC Reporting
Showcase your controls and provide customers, partners, and stakeholders with clear assurance about your service environment through Aanetic's structured SOC reporting support.
We assist service organisations in carrying out their SOC engagements by establishing the scope, identifying gaps, organising the evidence, and preparing teams for the independent examination process.
Meet Customer Assurance and SOC Reporting Requirements
Modern businesses are increasingly relying on service companies for cloud hosting, software, payment processing, data management, IT operations, and other essential activities.
Before committing important business processes or data to a service organization, customers and business partners might need some information regarding the controls available within that organization's system. The AICPA states that SOC reporting is a method of providing information which enables users to evaluate and deal with the risks connected with outsourced services.
Common SOC Reporting Challenges
Unclear Scope
It may be difficult for organisations to decide which systems, services, applications, infrastructure, processes, and controls to include in the SOC examination scope.
Control Gaps
Security, access management, change management, monitoring, incident response, vendor management, and the other controls might not have a consistent design or documentation.
Evidence Management
Although teams might have controls in place, they have difficulty in gathering and organizing enough evidence to show that these controls function as intended.
Documentation Deficiencies
Before an examination, the policies, procedures, system descriptions, control narratives, organizational responsibilities, and other documentation might need to be improved.
Customer Security Questionnaires
Enterprise customers can request SOC reports or more detailed information on security and functional controls before agreeing to or renewing their contracts.
Type 2 Preparation
A type 2 examination involves assessing the effectiveness of controls over a period of time, and for this it is necessary for organizations to maintain consistent control activities and evidence during the examination period.
End-to-End SOC Reporting Support
Aanetic offers structured support for SOC readiness and compliance in order to assist organizations in preparing for a SOC 1 or SOC 2 engagement.
Environment Assessment
The approach we follow begins with a thorough understanding of your services, systems, risks, control environment, and reporting objectives.
Controls & Evidence
We assist in identifying relevant controls, evaluating gaps, improving documentation, organising evidence, and preparing your team for the independent examination.
Independent Examination
The SOC examination and the associated report are carried out by an independent service auditor; our function is to assist your organization in preparing and deal with any remediation requirements.
What Are SOC Reports?
SOC 1
SOC 1 deals with the controls existing within a service organization that are likely to be relevant to the user entities' internal control over financial reporting (ICFR), especially in the case where the service organization's controls may have an impact on its customers' financial reporting.
SOC 2
SOC 2 evaluates controls relevant to one or more of the Trust Services Criteria:
- Security
- Availability
- Processing Integrity
- Confidentiality
- Privacy
SOC 2 reports are generally relevant to organizations which offer technology, cloud, SaaS, data, and other types of services, as customers require assurance regarding the controls.
SOC 3
SOC 3 also covers the controls related to security, availability, processing integrity, confidentiality, and privacy, but it is intended as a general-purpose report and includes less detail than a SOC 2 report.
Who Needs SOC Reports?
SOC reports can be relevant to service organisations which provide services to other businesses and which need to show information regarding their control environment.
Common Organizations Include:
SaaS Companies
The software providers who manage customer applications, data, or business processes.
Cloud & Hosting Providers
The organizations that offer cloud infrastructure, hosting, storage, or other related technology services.
Fintech & Payment Companies
Companies in technology and financial services that manage systems or processes critical to customers.
Data Processing Companies
The organizations which handle or take responsibility for customer information and business data.
Managed Service Providers
The companies that provide infrastructure, IT, security, and technology services.
BPO & Business Process Providers
The organizations which manage business processes that are outsourced or that are carried out for customers.
Healthcare Technology Companies
The technology providers are those who manage systems or information relating to healthcare services.
Enterprise Technology Providers
Technology organizations that provide independent assurance regarding the relevant controls for enterprise customers.
Our SOC Reports Services
1. SOC Scope Assessment
We review your services, systems, infrastructure, applications, processes, locations, personnel, and any third-party dependencies to determine the appropriate scope for the SOC.There should be a clearly defined boundary for the examination and an understanding of the relevant systems and controls.
2. SOC 1 Readiness
We assist organizations in establishing their control environment and preparing the relevant documentation for the SOC 1 engagement when controls are pertinent to the user entities' internal control over financial reporting.
3. SOC 2 Readiness
We assist organizations in setting up controls that are relevant to the applicable Trust Services Criteria, these including security and, where appropriate, availability, processing integrity, confidentiality, and privacy.
4. Type 1 Readiness
We assist organisations in getting ready for an examination which relates to the design and implementation of controls at a particular point in time.
5. Type 2 Readiness
We assist organisations in preparing their controls, processes, evidence, and monitoring practices for an audit which looks at the effectiveness of the controls in operation over a specific period.
6. SOC Gap Assessment
We compare your current control setup with the relevant SOC requirements. We then point out areas that need improvement.
7. Support for policy and documentation
We help develop and organize documentation relevant to the SOC engagement, including:
8. Evidence Readiness
We assist teams in determining the kind of evidence needed to show that the relevant controls are designed, implemented, and operating as expected.
9. Audit Readiness Support
We coordinate the documentation, evidence, people responsible for control, remediation activities, and management's preparation prior to the independent examination.
SOC Reporting Process
1. Discovering and defining the scope
We understand your services, customers, technology environment, business processes, systems, and reporting objectives.A better understanding of your SOC's scope.
2. Risk and Control Assessment
We find related risks and check the controls set up to address them.A structured view of your current control environment.
3. Gap Assessment
We spot the gaps in control design, implementation, documentation, evidence, or operating practices.A prioritized remediation plan.
4. Remediation Support
We help your teams address the identified gaps and improve the relevant policies, processes, and controls.Improved SOC readiness.
5. Evidence Preparation
We assist in organizing the evidence and allocate the responsibilities to the control owners.A repository of evidence that is structured for the period under examination.
6. Validation and Exam Preparation
We conduct readiness checks and assist your team in preparing for interactions with the independent service auditor.A more systematic examination procedure.
7. Independent SOC Examination
The independent service auditor carries out the relevant SOC examination.
Aanetic can provide your organization with help in terms of preparation and coordination, but it is the independent auditor who carries out the examination and produces the relevant SOC report.
What You Get with Aanetic’s SOC Services
SOC Scope Documentation
Documentation of the systems, services, processes, and controls that are relevant to your examination scope should be provided.
Control Matrix
A structured mapping of the relevant controls, their owners, the evidence, and their status.
Gap Assessment Report
A practical set of guidelines for identifying control and record gaps.
Policies & Procedures
The documentation corresponds to the real operations and control environment of your organization.
Evidence Checklist
A list in a structured format setting out the evidence that is required from the relevant control owners.
Remediation Tracker
A practical method for tracking identified gaps, the responsible teams, required actions, and progress towards completion.
Audit Readiness Support
Support for preparation, including aspects relating to management, control owners, documentation, evidence, and interactions with auditors.
Benefits of SOC Reporting
Support Customer Assurance
Provide customers and business partners with independent assurance over the relevant controls.
Strengthen Readiness for SOC Engagements
Ensure audit readiness by carrying out organized preparation and coordination for the relevant SOC engagement.
Support Enterprise Sales
SOC reports may help meet security and assurance needs during customer checks and buying processes.
Improve Internal Controls
The process of achieving SOC readiness can help organisations to formalise and enhance their cybersecurity and operational controls.
Identify Control Gaps
Make sure the weaknesses in the processes, documentation, ownership, monitoring, and evidence are understood.
Improve Risk Management
Set up more organized procedures for identifying and dealing with risks in your service environment.
Strengthen Transparency
Make sure that customers receive information concerning the controls that support your services.
What makes Aanetic the choice for SOC reporting?
Business & Technology Understanding
We link SOC requirements to your real business processes, apps, infrastructure, cloud setup, and day-to-day operations.
Scope-Focused Approach
We assist organisations in establishing a practical SOC scope taking into account the services, systems, risks, and their reporting objectives.
Control-Focused Remediation
Our aim is to identify any control gaps and assist teams in understanding the actions they need to take to address them.
Evidence Management Support
We assist owners to understand what evidence is required and to arrange their documentation in a systematic way.
Type 1 & Type 2 Preparation
We provide organizations with customized advice, a clear route to readiness, and support so that they can proceed with confidence when undergoing point-in-time and period-based SOC examinations.
Independent Audit Awareness
We make a clear distinction between readiness support and the independent examination so that you will understand our role, the auditor's role, and the way to a successful examination.
Build Trust with SOC Reporting
Show your dedication to security, operational controls, and customer assurance by using a systematic SOC readiness approach to build trust.
Everything You Need to Know About SOC Reporting
Start Your SOC Reporting Journey
Waiting to begin preparing for a SOC 1 or SOC 2? Not knowing where to start?
You should speak with Aanetic to work out your SOC scope, identify any control gaps, prepare the necessary documentation, arrange the evidence, and establish a clear path to your independent SOC examination.