Embarking on the journey to become SOC 2 compliant can seem daunting, but it's an essential process for organizations that provide systems or services to user organizations. SOC 2 reports showcase an organization's commitment to securing their systems and services according to the AICPA's Trust Services Criteria (TSCs).
Contrary to popular belief, there isn't a one-size-fits-all checklist for SOC 2 compliance. Organizations must carefully consider which of the five TSCs – security, availability, processing integrity, confidentiality, and privacy – apply to them based on their services and user organizations' needs. Each organization must collaborate with their service auditor to create a tailored approach to satisfying the TSC requirements.
Before diving into the SOC 2 audit process, organizations must determine whether they require a Type I or Type II report. Type I reports focus on the design of controls at a specific point in time, while Type II reports cover a period of time and the operating effectiveness of controls. For first-time audits, Type I reports can be a quicker option.
When selecting a CPA firm to perform the audit, make sure they specialize in information security and have auditors with IT experience, such as CISAs or CISSPs. Costs can vary depending on factors such as the audit's scope, the number of TSCs included, and the organization's size.
A readiness assessment can help organizations prepare for the SOC 2 audit by identifying any gaps requiring remediation before starting the examination. These assessments may not follow a standard checklist, but they provide valuable insight into what the audit process will entail and allow organizations to address potential issues beforehand.
The timeframe for becoming SOC 2 compliant depends on various factors, including the type of report, available resources, and the readiness assessment results. Type I reports can be quicker, potentially taking just a few months, while Type II reports require the chosen period to elapse before issuing the report.
Maintaining SOC 2 compliance is an ongoing process. Organizations must be diligent in upholding their internal controls and continually monitoring and updating their policies and procedures. By collaborating with service auditors and leveraging compliance monitoring tools, organizations can ensure that their systems and services remain secure and compliant, instilling confidence in their user organizations and stakeholders.
Fore more, see this video from KPMG:
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