In today’s ever more digitized business world, it’s becoming increasingly common for businesses to be asked for or required to obtain a SOC report. These assessments, which come in a variety of forms, assess the internal controls that exist within an organization.
SOC reports are often requested by potential clients, partners, or vendors. They serve as an independent indicator that your business is taking sufficient steps to safeguard clients data and have the appropriate internal controls in place that may impact customer financial data.
If you’re unfamiliar with SOC audits, a client requesting you undertake a SOC report might come as a surprise. But provided you know what to expect and are adequately prepared, there’s nothing to worry about. In fact, SOC reports often represent an opportunity to showcase the strength of your business’s internal controls to new customers, broadening your addressable market and helping you sleep easier at night.
So, what exactly is a SOC report? And if you’re a business based in Tennessee, Kentucky or Indiana, where should you get one? In this guide, we answer those questions and more. Read on to discover everything you need to know to get started with a SOC report.