For companies who need, or could benefit from having a SOC 1 or SOC 2 engagement, HLB Gross Collins, P.C. has the expertise in place to provide a thorough and efficient review in accordance with the standards set forth by the AICPA.

What are SOC 1 and SOC 2 engagements?

SOC 1 engagements are performed in accordance with Statement on Standards for Attestation Engagements (SSAE) 16, Reporting on Controls at a Service Organization. SOC 1 reports focus solely on controls at a service organization (such as insurance claim processors, data centers, credit card processing centers) that are likely to be relevant to an audit of a user entity’s financial statements. SOC 2 engagements address controls at the service organization that relate to operations and compliance. SOC 1 and 2 reports represent significant changes in service organization reporting approaches and replace the old SAS 70 reports.

Why is a SOC 1 or SOC 2 needed? A SOC 1 or SOC 2 engagement  is valuable in that it is a statement indicating that the service organization has had its control objectives and activities evaluated by an independent firm such as HLB Gross Collins, P.C.  The report provides significant value both to the service organization and to those who utilize their services. It is a statement that establishes effectiveness and integrity with the organizations quality control measures and goes toward building trust among the organization and their clients.

Because the activity of these service providers entails financial or other sensitive information relevant to the customers it is imperative that they demonstrate sufficient controls and safeguards where the housing of this information is concerned.

How can HLB Gross Collins, P.C. help?  Our expertise in handling SOC engagements allows us to efficiently and effectively acquire, evaluate and make a statement on the relevant factors.   We are able to provide a quality review in an efficient and cost-effective measure based on:

• Our knowledge of what operational areas require review
• Our ability to evaluate the control measures and identify any weaknesses
• Our thorough understanding and compliance with AICPA regulations

HLB Gross Collins, P.C. has the knowledge, expertise and resources needed to help you with your SOC 1 or SOC 2 engagements.  For those organizations in need of such an engagement, proper guidance and expertise in this area can be critical in making the process run smoothly by completing the process with a comprehensive and accurate SOC 1 or SOC 2 report.