Information Assurance & Risk Management Services

A SOC (System and Organization Controls) report is an independent audit that evaluates a company’s internal controls, security measures, and risk management practices related to data security, financial reporting, or service reliability. These reports are issued by CPAs under the standards set by the American Institute of Certified Public Accountants (AICPA).

SOC reports build trust by proving that an organization has strong security and compliance measures in place. Businesses handling sensitive customer data, financial transactions, or cloud-based services often need a SOC report to meet regulatory requirements, win customer confidence, and gain a competitive edge. Many enterprises and government agencies require vendors to provide a SOC 2 report before doing business, making it a key differentiator in the market.

There are different types of SOC reports:

• SOC 1: Focuses on financial controls relevant to companies that impact their clients’ financial reporting (e.g., payroll providers, collections agencies, financial institutions, etc.). This report is for private use only.
• SOC 2: Evaluates data security, privacy, availability, and processing integrity, making it essential for technology, cloud, and SaaS providers. This report is only shared with clients upon request.
• SOC 3: Refers to the public-facing and high-level summary of a SOC 2 report, demonstrating a company’s commitment to security best practices.

For a successful SOC audit, the following key requirements must be met:

• Defined scope: Identify which trust criteria you need based on your business model and customer or regulatory expectations. A well—defined scope is necessary for an efficient and cost-effective audit.
• Established security controls: Organizations must have documented policies, procedures, and technical safeguards to protect data and meet compliance.
• Risk assessment and gap analysis: A SOC readiness assessment helps identify control weaknesses and areas needing remediation before the formal audit begins. Following the readiness assessment, a gap analysis makes sure that necessary security controls, documentation, and employee training are in place.
• Evidence of compliance: Businesses must provide audit logs, access controls, encryption protocols, incident response plans, and vendor management policies to prove compliance.
• Establish continuous monitoring: SOC compliance isn’t a one-time thing. Continuous monitoring is required to maintain certification.

HITRUST compliance demonstrates that your organization follows a comprehensive, risk-based approach to data security. It also shows that your processes align with HIPAA, ISO 27001, NIST, and other regulatory frameworks. Some of the benefits of HITRUST compliance include:

• Better data security and risk management
• Simplified regulatory compliance
• Increased customer trust and competitive advantage
• Reduced costs and audit fatigue

When your business achieves HITRUST compliance, you strengthen your security posture, build customer trust, and position yourself for long-term growth, particularly in regulated industries.

Aprio recommends doing an annual SOC audit to demonstrate ongoing security and risk management practices. Most businesses, especially those handling financial transactions, sensitive customer data, or third-party services, require yearly SOC 1 or SOC 2 reports to satisfy regulatory and contractual obligations.

ISO 27001 certification is a structured, multi-phase process that makes sure your information security management systems (ISMS) meet globally recognized standards.

From creating a viable project plan to maintaining continuous compliance after the ISO certification audit, Aprio will serve as your single-source partner every step of the way. Contact us today to learn more.

Aprio simplifies the compliance process with a “Measure Once, Report Many” approach. Our specialists will conduct comprehensive gap analyses and readiness assessments, identifying overlapping requirements so organizations can implement efficient, scalable security programs that meet multiple standards simultaneously.

Industries that handle sensitive data, financial transactions, or regulated information benefit the most as they must meet stringent security, compliance, and risk management requirements:

• Healthcare
• Financial services
• Technology
• Government contracting
• e-commerce

Additionally, any industry dealing with critical infrastructure, intellectual property, or regulated information can significantly benefit from proactive information assurance strategies that mitigate cyber risks, achieve compliance, and maintain customer trust.