What is SOC 1 & 2 Type 1 / 2 attestation or Service Organization Controls (SOC)?
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.
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.
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