SOC reporting: Getting more value from your investment

With end-of-year reporting season in the rearview, there’s time to reflect on how it went —and look to the future.  

In the cloud and AI era, the value of System and Organizational Controls (SOC) reporting will likely continue to grow. This is especially true for SOC 2 audits that focus on the AICPA trust services criteria of security, availability, confidentiality, processing integrity and privacy. 

If you’re already working with an auditor to prepare a SOC 1 report that can provide comfort over Internal Control over Financial Reporting (ICFR), it makes logical sense — and can ease the onboarding process — to have the same provider perform a SOC 2 audit. 

As you look to the next reporting season — especially if you are considering changing service auditors — keep in mind three key considerations that can help get more out of your investment in SOC reporting: 

1. Integrate relevant technology 

Your service auditor may use technology to improve the effectiveness of controls testing and reporting. For example, automation can help expand and enhance controls coverage while improving efficiency.  Automation can also assist with data analysis, while visualization tools can help you gain insights from your data faster. 

2. Increase the value of SOC reports by taking a holistic view 

Many companies are improving efficiency and getting more out of their investment in SOC reporting by auditing multiple mandates at the same time. They accomplish this by taking a “test once, use many” approach, which helps enhance efficiency by testing various common elements once and applying the results across their environment. You can streamline things by getting help from your SOC service auditor to align and coordinate testing and reporting with current or future efforts related to multiple certifications and attestations pertaining to data and system security within IT and cloud environments.  

3. Draw on broad experience and deep industry knowledge 

Proven experience in the compliance space, broad understanding of the impacts, use cases for new technology and a deep bench of professionals from a range of industries can serve as important enablers for successful, effective SOC audits. 

Experienced SOC service auditors understand the value of SOC 2 reports. Who better to assess how your company can provide comfort over controls for security, availability, confidentiality, processing integrity and privacy? 

Put value at the core of your SOC strategy 

With a strategic approach to SOC reporting, organizations can meet compliance objectives, while gaining insights that help support risk management and governance. Now is the time to rethink your approach to help get more from your investment.