SOC 2 compliance is growing larger in today’s digitally driven economy as more and more Texas service organizations are continuing to provide information technology products and services to other businesses. From data analytics to Software as a Service (SaaS), and numerous other business lines, regulatory compliance assessments for Texas technology companies are alive and well.
Service organizations – which are businesses that provide critical services to other entities – are being required to undertake SOC 2 compliance on an annual basis, so now’s the time to start learning more about the AICPA SOC framework, which consists of SOC 1, SOC 2, and SOC 3 reporting and compliance. While SOC 1 is geared heavily towards service organizations with a credible nexus relating to internal controls over financial reporting (ICFR), SOC 2 and SOC 3 are quite different.
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Important Points to Note About SOC 2 Compliance
SOC 2 compliance is becoming very well-known in today’s world of regulatory compliance, and it means that service organizations need to gain a strong understanding of what’s required for ensuring a comprehensive and complete assessment process. What’s needed are in-depth information security and organizational policies, procedures, and other supporting documentation. As for critical information on SOC 2 compliance, take note of the following:
- SOC 2 compliance is largely geared towards technology service organizations – data centers, managed services providers, data analytics, Software as a Service (SaaS) models, and more.
- SOC 2 compliance is DIFFERENT than SOC 1 in a number of meaningful ways, the biggest being that SOC 1 (which is uses the SSAE 18 reporting standard) is geared towards service organizations who exhibit a true nexus to internal controls over financial reporting – a concept known as ICFR.
- SOC 2 compliance, as mentioned earlier, requires a large number of information security and operational policies, procedures, and other supporting documentation.
- SOC 2 compliance utilizes the little-known AT 101 professional standard for issuing such reports.
- SOC 2 compliance is spreading rapidly throughout the information security industry as it is ideally suited for such entities.
- Service organizations can effectively choose which of the five Trust Service Criteria – one, a few, or all of them – they would like to have included within the scope of their actual SOC 2 Type 1 or SOC 2 Type 2 assessment.
To learn more about SOC 2 compliance for Texas service organizations and to obtain a competitive, fixed fee rate for SOC 2 Type 1 and SOC 2 Type 2 assessments & reporting, contact us today.
Texas Compliance, LLC – Texas’s Leading Provider of Fixed-Fee Compliance Audits
At Texas Compliance, LLC, we know auditing inside and out – no question about it – and its whey we can offer fixed-fee pricing for all our services offered, such as SSAE 18 SOC 1, SOC 2, SOC 3, FISMA, DFARS, PCI DSS, HIPAA, GLBA, and more.