UK service companies adopting SOC reports to drive commercial success

More and more customer organisations are demanding stronger financial reporting controls and tighter levels of security and data privacy as part of their supply chain due diligence process.

System and organisation controls (SOC) is a suite of control attestation services that certify the operating effectiveness of a company’s internal controls. It is increasingly being demanded for such areas as financial reporting and data security.

Forward-thinking UK service companies are using SOC reports to demonstrate the effectiveness of their internal controls around financial reporting, cyber security and data protection to current and future customers, and to remain relevant in their chosen markets.

Benefits of SOC reporting

Service organisations reap several benefits from having a SOC report, namely:

• independent attestation over the effectiveness of the organisation’s controls around financial reporting (SOC 1) or security and privacy (SOC 2).
• driving trust and transparency with internal and external stakeholders.
• improved success in winning and retaining customers.
• an independent evaluation of the effectiveness of controls related to the services.
• promoting understanding of oversight over sub-service organisations.
• reducing the overall compliance burden through one report addressing the collective needs of multiple user entities.

Who should have a SOC report?

• Companies dealing with financial reporting controls, such as trust departments, registered investment advisors, employee benefit or retirement plan operators, payroll processing firms, loan servicers and other similar organisations.
• Companies holding, storing and processing confidential and personal information of clients, such as those providing SaaS, business intelligence, managed IT and customer management services as well as businesses that oversee, facilitate and consult with financial or accounting practices.

Our SOC reporting services

SOC 1 and SOC 2 readiness assessment

As a pre-audit engagement, our SOC audit team conducts an evaluation of your SOC system description and control documentation to assess your readiness for a formal audit. In light of any major shortcomings, we recommend the improvements required.

SOC 1 and SOC 2 service auditor reports

With technical support from our subsidiary Moore ClearComm, our SOC audit team conducts the formal audit required to create the service auditor report that forms part of the SOC report. Based on your system and control descriptions, we define and agree an audit plan setting out the detailed approach for the nature, timing and extent of the examination procedures to be performed, resulting in a formal SOC report.

Help from the SOC experts

At Moore Kingston Smith, we have qualified accountants as well as cyber security and data privacy experts working seamlessly together to make your SOC certification go quickly and smoothly.

Contact our experts to find out more.