What is SOC 1 & 2 Type 1 / 2 attestation or Service Organization Controls (SOC)?
For some of you; you may find yourself into this big approach!!
The SOC 1 & 2 Type 1 / 2 attestation that is the type 1 report will help organisations to evaluate the users’ internal control in accordance to the financial reporting. As per the needs of user, the financial statements can be audited and this results in the evaluation of the organizations’ internal control.
Were much more than your last time!!
Want to bring a good impact on your financial reporting? You need to get the right SOC 1 & 2 Type 1 / 2 attestation compliance certification or attestation before you are engaging to an organization. This will bring a great business impact for your financial reporting; hence ensure that you go for a wise choice!
The importance and advantages of SOC 1 & 2 Type 1 / 2 attestation
This piece of documental evidence is highly mandatory for any service organizations’ audit. The SOC 1 & 2 Type 1 / 2 attestation Certification in Singapore will fall under the SSAE – statements on standards for attestation engagements and it is known as AT 801 earlier.
§ The client or investor of a service organization will definitely need this SOC 1 & 2 Type 1 / 2 attestation report as;
§ They have an impact on the clients’ internal control over the financial reporting (ICFR)
§ You can showcase that you have the necessary controls to support the objective using this certification
§ It will help the financial statement auditors to minimize their auditing processes
§ It ensures that all data and systems are secure and are highly encrypted
Requirements and check points for SOC 1 & 2 Type 1 / 2 attestation certification
§ You need to ensure that the following standards are met to be SOC 1 & 2 Type 1 / 2 attestation compliant: (ISO 27001 Certification will be an added advantage)
§ Firstly you need to choose the right report as the SOC 1 & 2 Type 1 / 2 attestation audits are made for the organizations’ sake to maintain the customers’ financial data
§ You must be clear with your control objectives and the SOC 1 & 2 Type 1 / 2 attestation report ensures that the control objectives are managing the risks in the financial report
§ Ensure that you don’t’ have any control gaps with your control objectives
§ There must be defined policies or procedures or controls to fill the gaps that occur in the implementation of control objectives
Top companies or organizations with SOC 1 & 2 Type 1 / 2 attestation
The SOC 1 & 2 Type 1 / 2 attestation compliance is evaluated by a CPA and mostly all the top most companies that need to secure and protect their data will be SOC 1 & 2 Type 1 / 2 compliant. You need to make the right choice to perform these for your organization within the industry.
Global Quality Services will help you make the most detailed review of the internal controls and its effectiveness too. With an innovative route to the market, we are trusted by most of the organizations to get their SOC 1 & 2 Type 1 / 2 attestation certification. A well-defined team of trusted and highly trained professionals including approved CPA are available to provide these SOC attestation services.
GQS SOC 1 & 2 Type 1 / 2 attestation certification: Consultancy, advisory services, Documentation and assistance towards attestations by CPA
Your controls related to financial reporting are in your hands !!
It is worth considering now, if your financial and cyber hygiene reports are not SOC compliance ! We prepare the organisation by adding the best resources and the safe security controls to help you attain this SOC Certification in Singapore. Our team of experienced professionals will focus on effective strategic way to provide you this range of attestation to your business.
We relentlessly work with your team to protect the data and our centralized workbench will help you stay connected throughout the processes.
The culture of continuous improvement is on its way now!!