Benefits of SOC Auditing
A SOC report also is known as verifiable auditing report is designated by the American Institute of Certified Public Accountant (AICPA) and performed by a Certified Public Accountant (CPA). Auditing involve spending time gathering and offering crucial information and especially coming up with answers to difficult questions. The reason why you must have SOC audit performed is if your clients are asking about it. SOC audit will tell your clients that you are capable of making sure you’re their information is done precisely and kept in a secure place. It is therefore important to know the importance of SOC auditing. Going through this article will be beneficial to you since you will know some of the importance of a SOC auditing.
Becoming best friends with your auditors is the first explored importance of SOC auditing. In most cases, all your auditors who will complete your SOC audit will end up knowing your business inside and out. And so, immediately after the audit is complete you will be capable taking advantage of this resource. If you have a difficult question you can also refer to this knowledgeable resource to navigate the toughest business choices.
Secondly, by obtaining a SOC audit you will be assured of knowing more concerning deterrence. You should know that getting independent third party review of your controls and processes is the biggest value of a SOC audit. You can save huge embarrassment down the road through this since you will point out weaknesses. Before your customer obtain a horrific experience you will correct the problem down the road.
Thirdly, SOC auditing is beneficial since it saves time and money. Audits consume a lot of time and suck up a lot of resources. The main question is that how will obtain SOC audit save your company time. You will save your company time in that the current SOC report you will obtain will be used any time as long as an organization will request an audit. The fact that you have current SOC report means that you will use it any time an organization will request an audit and this will also save you money. Repeating the process with each and every request means you will have to spend a lot of money and time if you face numerous user organization’s auditors.
Establishing trust is the fourth importance of SOC audit explored in this article. What can make the clients gain trust in the SOC report you perform as an independent auditor is the secured and effective systems and controls you have in place.