SOC for Service Organizations (SOC 1 / SOC 2 / SOC 3)

AICPA SOC for Service Organizations

Almost all the organizations today obtain services from specialist service organizations or outsource certain activities or an entire function to such service organizations. As part of their own risk management programmes, these organizations (also called as ‘user entities’ in the context of SOC), need to identify, evaluate and address risks related to interactions with such service organizations. For this to be carried out effectively, these user entities demand information from the service organization in terms of the design, operation and effectiveness of internal controls established by the service organization for managing risks related to the services and the system used to provide the services. The service organization can then provide such information through a report issued by a Certified Public Accountant (also called as a ‘Service Auditor’ in the context of SOC) after conducting an examination of the design, implementation, and the operating effectiveness of the system of internal controls of the service organization.

One or more of the following types of reports are issued by a Service Auditor based on the request by the service organization –

  • SOC 1® – ICFR (Internal Controls over Financial Reporting)
  • SOC 2® – Trust Services Criteria
  • SOC 3® – Trust Services Criteria for General Use Report

Note: SOC 1, SOC 2 and SOC 3 are registered trademarks of AICPA

ProcessLOGIX compliance consultants assist organizations to develop the system of internal controls in accordance with the applicable requirements of SOC for Service Organizations and hand-hold through the attestation engagement with a Certified Public Accountant (CPA) / CPA Firm having an active license in the United States of America.

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Our approach

  • Understanding the context

    Our consultants carry out necessary interactions with various functions and teams to map the context of your organization in terms of services, system used of provide services, supporting infrastructure, etc.

  • Development of the internal controls

    Our experts help your organization to design a system of internal controls through documentation of appropriate policies, procedures, standards, system configurations, practices, etc.

  • Deployment of internal controls

    Our consultants conduct necessary training and handholding sessions with your teams to implement the designed system of internal controls.

  • Reviewing the readiness

    Our assessors carry out necessary readiness reviews and audits to check and validate if the system of internal controls have been satisfactorily implemented. For any identified deviation, our experts guide your teams to implement necessary corrections and corrective actions.

  • Attestation

    Our consultants assist your management in working with the engaged CPA during the examination and reporting done by the CPA.