Delivering Assurance and Structure
System and Organization Controls (SOC) reports are valuable tools for your organization to provide assurance to your customers. There are three different types: SOC 1, SOC 2, and SOC 3. In addition, a SOC Readiness Assessment is available prior to conducting a full SOC 1 or 2 engagement.
SOC Readiness Assessment
If you need a SOC report for the first time, we recommend starting with a SOC readiness assessment. During a readiness assessment, we will evaluate your preparedness through reading policies and procedures, assessing the design of your system, and determining if controls have been implemented to meet each of the control
objectives or trust services criteria. You will then have time to remediate any deficiencies identified prior to commencing a SOC 1 or SOC 2 engagement.
SOC Reports Defined
SOC 1 reports provide your customers with assurance over the financial controls in place at your organization. There are two types:
- Type I report is that of an audit held on a specific date
- Type II report is more rigorous and is based on the testing of controls over a period of time
SOC 2 reports provide your customers with assurance over the controls in place at your organization relevant to the 5 Trust Services Categories (TSCs) established by the American Institute of Certified Public Accountants (AICPA). TSCs include: security, availability, processing integrity, confidentiality, or privacy. There are also two types:
- Type I confirms that controls are in place
- Type II confirms that controls are in place and effective
SOC 3 reports focus on TSCs, but contain less detail as test results and opinions are not included in the report. A SOC 3 report is considered a general use report and can be used as marketing material.
Key Benefits of a SOC Report or Assessment
- Builds trust with customers and prospects
- Can be utilized as marketing material to gain a competitive advantage
- Streamlines your processes
- Identifies deficiencies in your systems, processes, and controls
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John Allen - Vice President of Finance, Kaufman Container
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I appreciate the exceptional tax advice we received over the years. The (BW team) has a good grasp of our business needs. Thank you for your excellent service.
John Griffiths - Owner, Rae Ann, Inc.
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The BW team has been fantastic to work with; both the team member at our office as well as at the partner level. Any issues or concerns are handled very efficiently and effectively.
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Barnes Wendling has been our company accountants for over seven years. Their knowledge has been instrumental in helping us grow strategically during this time. And although we’ve seen many changes in our economy that we cannot control, we’ve always been able to trust the Barnes team to be by our side. The Barnes team feels like family. We can’t thank them enough for their support!
Christine Kloss - Controller, AT&F
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Barnes Wendling has been our company accountants for over 15 years. During this time, the business has grown exceptionally, and Barnes has kept pace, providing accurate, quality advice. Our finances are more efficient than ever, and the expense of hiring Barnes has been a definite positive add to our bottom line. I give my highest recommendation to their firm.
David Miller, MD - President, Retina Associates of Cleveland
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Barnes Wendling has provided us guidance and recommendations that have strategically helped strengthen our business and position ourselves for growth. We needed to hire a new VP of Finance and Controller this past year, and they were instrumental in helping us find the best candidates for our company.
Sara Blankenship - President, Kaufman Container
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We value Barnes Wendling’s expertise with all things accounting so we can operate our business using our strengths and allowing them to be our experts. They have also brought me a few business sale opportunities to allow me to grow my assets.
John Gaydosh - President and Metallurgical Engineer, Ohio Metallurgical Service
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Barnes Wendling (especially Lena) did a great job with our financials. Everything. It is extremely refreshing and comforting to know that all of our numbers are not only correct, but they are in the right place(s). Your diligence and reporting truly does make me (personally) feel better.
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Michelle Saylor, Former Controller, Aero Mag
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Mark A. Filippell, Western Reserve Partners
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