Importance of SOC Auditing
The report performed by a Certified Public Accountant (CPA) is known as SOC auditing that is designated by the American Institute of Certified Public Accountants (AICPA). Most individuals do not like to hear the sound of the word audit being that it involves spending time gathering and offering important information and especially find out the right answers to tough questions. Therefore, as a business owner you must think of how SOC audit will be performed if your customers are asking. What will tell your customers you are in full control to ensure their information is protected and properly processed is the SOC audit. There are some benefits of SOC auditing that you should therefore know. The explained below are the importance of SOC auditing.
Firstly, SOC auditing is beneficial since you will become best friends with your auditors. In most cases, all your auditors who will complete your SOC audit will end up knowing your business inside and out. It is, therefore, a guarantee that after the audit is complete you will be able to take the importance of this precious resource. You can also navigate the toughest business decisions any time you might have a question if you refer to this trusted resource.
Prevention is the second discussed the benefit of getting an audit in this article. It is through the SOC audit where you can obtain an independent, third party review of your controls and processes. It is therefore through this where you can point out gaps that will salt away embarrassment as the time goes by. This will happen in that you will rectify the problem before you clients get a bad experience.
Saving time and money is the third advantage of obtaining a SOC audit. Audits consume a lot of time and suck up a lot of resources. It is therefore important to know the way you can save time by obtaining SOC audit. This happens in that if you have a current verifiable auditing report it will be used any time an audit will be requested by an organization. The fact that you have current SOC report means that you will use it any time an organization will request an audit and this will also save you money. Note that if you do not possibilities are you will have to repeat the process with each and every request if you face multiple user organization’s audits and this will consume a lot of time and money.
The last advantage of SOC audit highlighted in this article is that it establish trust. What can make the clients gain trust in the SOC report you perform as an independent auditor is the secured and effective systems and controls you have in place.