Advantages of SOC Auditing
A report designated by the American Institute of Certified Public Accountants (AICPA) that is performed by a Certified Public Accountant (CPA) is known as a verifiable auditing report. Spending time providing and gathering information and coming up with answers to hard questions is implies audits. If your customers are asking about the SOC auditing you must ensure it is performed. SOC audit will tell your clients that you are capable of making sure you’re their information is done precisely and kept in a secure place. This means that SOC auditing is beneficial and you should, therefore, know its advantages.By the end of this article you will know some of the benefits of SOC auditing.
The first discussed advantage of SOC auditing is that you will end up being friends with your auditors. It might be hard for your auditors to complete your SOC audit without 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. It is this trusted resource any time you have a question you can refer to so that you can navigate the complicated business decisions.
Secondly, by obtaining a SOC audit you will be assured of knowing more concerning deterrence. One of the values of a SOC audit is to obtain an independent, third party review of your controls and processes. You can save huge embarrassment down the road through this since you will point out weaknesses. 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. Just like it has been mentioned above, with audits you will have to spend a lot of time and especially use up some imperative company resource. The main question is that how will obtain SOC audit save your company time. 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. Repeating the process with each and every request means you will have to spend a lot of money and time if you face numerous user organization’s auditors.
The last advantage of SOC audit highlighted in this article is that it establish trust. The systems and controls you might have in place as an independent auditor who performs SOC reports is an indication to the customers that they are secured and effective.