12 May How do you Validate the Security of your Organization’s Services?
As our ability to gather and leverage actionable data for our companies increases, so does our need for data security. Organizations across all industries have the responsibility and accountability to their clients to protect valuable information throughout all aspects of their operations. That’s why it’s important to consult with experts who know the most sophisticated methods of auditing your information systems, to ensure that compliance is met and your clients always have added peace of mind.
Through a SOC 1 engagement, the team of IT experts at FPV & Galíndez has the ability to develop a detailed audit of the internal controls that your organization has implemented to protect client data, specifically internal controls over financial reporting. SOC 1 is the standard used by CPAs to evaluate, test, and report on the effectiveness of the service organization’s internal controls. Meanwhile, a SOC 2 audit evaluates controls that directly relate to the AICPA’s Trust Services Criteria. This means that a SOC 2 audit report focuses on a service organization’s internal controls as they relate to the security, availability, processing integrity, confidentiality, and privacy of your data system. Through a SOC1/SOC2 report, we can validate and effectively communicate your organization’s commitment to delivering high quality, secure services to your clients.
What are the benefits of SOC1 and SOC 2 audits?
A SOC audit is one of the best ways to be proactive in your information security and compliance efforts, keeping you ahead of the curve in your industry. SOC compliance can help your organization maintain loyal clients and attract new ones, operate more efficiently, avoid fines for non-compliance or from breaches, and most importantly: assure clients that their sensitive data is protected.
Our unique approach
Here are just some of the key differentiators that add immense value to the client experience when partnering with our team:
- As a licensed CPA firm, SOC 1 and SOC 2 audits are one of our specialties.
- We deliver several SOC 1 & SOC 2 reports per year for multiple clients in the healthcare and technology segment.
- Your trusted team of Information Security professionals FPV & Galíndez LLC are experts in the subject matter, holding certifications like CPA, CISSP, CISA, and CRISC, to help your organization stay SOC compliant.
- Our audit process helps reduce the complexity of compliance efforts and gives our clients the ability to combine multiple audit frameworks into one audit.
- We have matured this process so that clients can complete one audit process while receiving multiple reports if needed.
- This translates to reduced compliance and audit costs for our clients. Aside from our high technical competence and efficient processes, we provide the highest-rated client service locally, with hands-on consulting that provides assurance and peace of mind to our clients.
What can you expect?
- AUDIT REPORTS: As part of our typical deliverables for SSAE18 engagements, we provided our clients with a detailed description of your organization’s system along with the results of the auditor’s tests, as related to the identified Control Objectives for SOC 1 engagements and Trust Services Criteria for SOC 2 engagements over a period of time. In addition, a Type 2 report provides a historical view of an organization’s environment to determine if the organization’s internal controls are designed and operating effectively.
- MANAGEMENT LETTERS: As an added value of our services, we use the general understanding of internal controls generated during our audits to detect potential areas of improvement, which are communicated through a corresponding Management Letter. This comprehensive document is intended to provide management and those charged with governance with valuable information regarding their organization, and, if used properly, can become a beneficial tool in fulfilling their responsibilities.
- SIGNIFICANT REDUCTION IN FEES: Our team has been performing engagements like these for the past 5 years, allowing us to streamline our processes for the best possible client experience. Through our vast experience with SOC1 / SOC2 engagements, we have developed well-structured workflows, standardized worksheets, and an efficient schedule of work. Thusly, we have developed the tools and know-how to ensure a cost- savings reduction of nearly 20%-25% if compared to the current feeds billed by Big Four firms.
Interested in learning more?
- Contact us to know more about SOC1 and SOC 2 Audits
- Explore our IT Consulting Capabilities
- Download our IT Capabilities Brochure