Importance 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). Spending time providing and gathering information and coming up with answers to hard questions is implies audits. 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. The explained below are the importance of SOC auditing.
The first discussed advantage of SOC auditing is that you will end up being friends with your auditors. 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. It is therefore through this where you can point out gaps that will salt away embarrassment as the time goes by. You clients can get a bad experience about you and this is why as the time goes by you will end up correcting an issue before this happens.
The third explored importance of getting an audit is that it will save you time and money. Just like it has been mentioned above, with audits you will have to spend a lot of time and especially use up some imperative company resource. The main question is that how will obtain SOC audit save your company time. Any time an organization will request an audit the SOC report you have will be used and this is how it will save your company time. You will also not have to spend again to obtain a SOC report as long as you have the current one. 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.