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). Spending time providing and gathering information and coming up with answers to hard questions is implies audits. The reason why you must have SOC audit performed is if your clients are asking about it. Your clients will automatically know you have controls in place to ensure their crucial information is kept secured and is correctly done and processed through SOC audit. There are some benefits of SOC auditing that you should therefore know. Going through this article will be beneficial to you since you will know some of the importance of a SOC auditing.
Firstly, SOC auditing is beneficial since you will become best friends with your auditors. It might be hard for your auditors to complete your SOC audit without knowing your business inside and out. And so, immediately after the audit is complete you will be capable taking advantage of this resource. You can also navigate the toughest business decisions any time you might have a question if you refer to this trusted resource.
The second importance of getting SOC audit is prevention. One of the values of a SOC audit is to 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. You clients can get a bad experience about you and this is why as the time goes by you will end up correcting an issue before this happens.
The third explored importance of getting an audit is that it will save you time and money. Audits consume a lot of time and suck up a lot of resources. One can, therefore, fail to understand how having a SOC audit will save your firm time. Any time an organization will request an audit the SOC report you have will be used and this is how it will save your company time. 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.
Establishing trust is the fourth importance of SOC audit explored in this article. 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.