How to Choose the Right SOC Audit Provider for Your Organization

In a previous article, we discussed the roadmap your organization will follow to obtain a Type 1 or Type 2 System and Organization Controls (SOC) report. If your organization is ready to begin this journey, one of the most important decisions you will make is selecting the SOC auditor to guide you to the desired reports.

As you begin your research, you may find it overwhelming as there is no shortage of options. In today’s world, there are traditional audit firms and technology providers who offer SOC reporting services. But how do you identify the right provider for your organization?

What is the SOC Provider’s Reputation?

The quality of the provider you select will resonate with your customers and prospects who obtain the final issued reports. A quality provider will give your customers and prospects assurance that the scope of the report was properly defined and included adequate testing of the controls.

In addition, larger customers and prospects will take comfort in knowing that your organization has selected a reputable, well-known provider. It is important to research your potential provider to understand if they are a low-cost provider who creates a generic report (that is the same for each of their customers) or if you are selecting a quality provider.

Although a reputable provider may charge a higher fee, they spend the time understanding your business to create a custom set of controls and tests that align with the report readers’ expectations.

Does the SOC Provider Have Experience in my Industry?

Another factor to consider when choosing a SOC provider is their experience working with organizations in your industry. Each industry has its own regulations and control requirements that need to be considered when scoping the SOC report.

A provider with knowledge of your industry will consider such requirements when guiding you through the scoping of the report and what controls should be included. The right provider should work with your organization and consider your specific needs to produce a valuable report for your customers and prospects.

How Experienced & Qualified is the SOC Audit Team Assigned to Me?

The quality of your provided audit team can be the single factor that leads to an easy, successful audit – compared to an audit that drags out and does not meet your timeline. Many firms may bait and switch by providing a team of all new staff or an offshore team to reduce their operational costs.

It is important to ask a potential provider who will be on an audit team and how much experience each team member has in conducting the desired SOC services.

Your organization should also ask a provider if they plan to leverage an offshore team of contractors. This is another common cost-saving technique by providers. While the offshoring structure can be successful, you should determine if your contracts with customers allow data to be sent potentially outside of the United States. You also should understand what quality measures are in place by the provider. Quality metrics ensure SOC testing is performed at a high quality and that potential language barriers will not slow work.

Finally, your organization should thoroughly vet any technology provider engaged for SOC services. These companies often only provide the platform that will be used to facilitate the audit and will rely on assigning a partner firm to conduct the audit itself.

Consider asking the technology provider the following questions:

• Who is the partner audit firm, and what accountability will the provider take for the firm’s work?
• Can I have a say in selecting the assigned audit firm?
• Is it possible to interview the audit firm directly to assess their experience and fit?

As you will spend a few weeks working alongside the SOC audit team, it is important that you feel you can establish a good rapport with the auditors.

What Technologies & Processes Does the SOC Provider Use to Simplify the Audit Process?

Whether the audit is for a SOC or another service, it will cause some level of disruption. In preparation for an audit, your personnel will need to gather audit items and take time from their normal daily tasks to meet with the auditor. However, many providers embrace and/or implement technologies to streamline the audit process and reduce disruptions.

Ask the provider what technologies are used to transfer request items and other pertinent information. If the provider offers a solution, your first question should be what controls are in place to secure uploaded data. If the data security controls are appropriate, you should next ask the provider to explain the functionality and potentially offer a demo. This is the best way to understand if the solution is user-friendly for all individuals who may need to use the platform and confirm it will streamline your experience compared to manual audits.

Another consideration when choosing your auditor is how they structure the audit to consider your business needs and reduce the stress on your employees. A good provider will offer you flexibility in the audit schedule and will work with you to schedule testing during periods less busy for your organization. In addition, ask the auditor about typical timelines for testing and producing a report to ensure your deadlines are achievable. You can also use these metrics to hold a provider accountable if they do not meet their promises.

Will the Provider Offer Scalable & Flexible SOC Reporting Services?

A common pitfall of selecting a low-cost or technology provider for SOC reporting services is they offer a one-size-fits-all approach. This means they sell the same controls and testing approach to each of their customers and do not necessarily consider your specific business, the industry you operate in, or the needs of your report readers. This can lead to prospects and customers questioning the report that is produced as well as your organization for selecting the provider.

In addition, these providers tend to charge add-on fees for any custom requests that are not in their cookie-cutter model. Your organization ideally will want to select a provider who is consultative and willing to adjust their approach as your business grows and evolves.

A quality provider will be consultative and “handhold” from start to finish for whatever SOC services you need. The provider will want to help your organization establish the correct controls that make sense and will lead to an unqualified report being issued. This means they will offer your guidance on how to mature your control environment and will act as a partner, even when you are between SOC audits.

Staying in touch and understanding changes at your organization allows them to offer insights into how the changes will impact the next reporting cycle. When selecting a provider, consider if you are looking for a cookie-cutter, checkbox auditor, or a partner that will help guide you to meet the needs of your prospects and customers.

Consider Wolf for Your SOC Audit Provider

You deserve a SOC provider who truly understands your business. At Wolf, we make it a priority to tailor our approach to meet your unique needs, whether you’re a startup or a large, established organization. Our dedicated SOC team will work closely with you to understand your goals, your business, and the needs of your customers, so your audit process is smooth and customized to your needs.

We guide you every step of the way, from readiness to your Type 2 report, offering recommendations that make sense for your business. You’ll have continuity with our team, so you won’t need to retrain auditors with each engagement. Plus, our managers and principals stay visible throughout the process, ready to answer questions and share insights into trends we’re seeing in your industry.

Our audit providers bring deep, industry-specific expertise, ensuring that the nuances of your sector are fully understood and addressed throughout the audit process. We partner with reputable firms, giving you confidence in the accuracy and reliability of the results. This focus on expertise not only tailors our recommendations to your business needs but also supports compliance with industry standards and best practices.

Lastly, to make the process even easier, we use FieldGuide – a single platform where you can manage requests, communicate with our team, and keep track of the controls in your SOC report. Our goal is to streamline the audit process and take as much off your plate as possible.

If you would like to learn more about our approach and how we can benefit your organization, reach out to a member of our SOC team today.