Security & Audit

SSAE-18 / SOC 1 / SOC 2 / SOC 3

Overview

The Service Organization Controls Report - SSAE stands for Statement on Standards for Attestation Engagements, managed by The American Institute of Certified Public Accountants (AICPA) and, more precisely, the Auditing Standards Board (ASB).

According to the AICPA, "Service Organization Control (SOC) reports are internal control reports on the services provided by a service organization providing valuable information that users need to assess and address the risks associated with an outsourced service." In short, if you work for a service firm and handle information for clients that might affect their financial reporting, you could be expected to have this type of audit report.

Additionally, SSAE has three types of audits named SOC 1, SOC 2, and SOC 3. Each has a different application and serves another purpose.

SOC 1Relevant to financial systems in the organization.
SOC 2Relevant to the security controls of the organization.
SOC 3For cyber trust and system trust, intended mainly for the security of web-based applications in organizations.

CUNIX's innovative approach to SSAE involvement adds long-term value to your company. Our readiness services enable you to quickly close control gaps, which not only helps you get SSAE 18 reports signed, but also improves company productivity and efficiency.

CUNIX has been providing expertise to many organizations for SSAE 18 audits. Whether at the account level or organization level, we ensure that your firm is SSAE 18 certified.

Additionally, SSAE 18 comprises two forms of audits. There are two types of SOC audit reports:

Type I

The controls in this form of audit, also known as point-in-time reports, are tested as of a given date and include a description of the service organization's system. Type I reports look at the design of a service organization's controls, not how successful they are in practice. Most businesses receive a Type I report once before moving on to a Type II assessment.

Type II

This report spans a period (usually 12 months), includes a description of the service organization's system, and evaluates the controls' design and operational effectiveness.

Certification Process

Step 1

Signing the contract & advance payment

Contract signing, receiving the work order, and getting the advance payment ensures the onboarding of the CUNIX consultant.

Step 2

Project Plan preparation and Team formation

CUNIX consultant and Project Manager with client SPOC work on a project implementation plan finalizing key milestones. Implementation and internal audit teams' formation is another key activity before the project kick-off.

Step 3

Kick-Off meeting & Awareness Training

This is an official start of the project having CUNIX consultant, CUNIX Project manager, client SPOC, client implementation team, client internal audit team and senior management member. The agenda is to introduce the teams & create awareness & discuss the project plan, set-up expectations and ensure seamless communication.

Step 4

AS-IS Gap Analysis

CUNIX consultant with client implementation team conducts the AS-IS Gap Analysis to understand the current level of implementation. Post this activity there will be a clear picture of efforts that it would take for implementation of SOC Audit.

Step 5

SOC Audit Documentation & Implementation

Client implementation team prepares all the necessary documents. CUNIX consultant conducts the gap analysis to check if there are any gaps with respect to the requirements. In case of gaps, CUNIX consultant guides the implementation team on how to close those gaps and subsequently client implementation team updates the documents.

Step 6

Internal Audit

Client's internal audit team and CUNIX consultant jointly conducts the internal audit and internal audit report is discussed with top management and gaps identified will required to closed before final audit.

SOC Audits

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Benefits

Benefits of SSAE 18/ SOC Audits

With the help of SOC it gives customers assurance that security measures have been implemented to avoid breaches and safety of their data.

Auditing requirements for SOC 2 Type 2 require compulsory 6 months of evidence and testing of the operating effectiveness of controls in place.

Most businesses prefer working with SOC 2 certified vendors. We as SOC 2 auditors help them achieve this critical business need.

With improved processes and controls in place, the SOC certified organizations are well placed to offer better services with respect to competition.

Requirements of SOC audits align with HIPAA and ISO 27001 as well. So, implementing SOC leads to compliance with other regulatory standards as well.

Why CUNIX?

CUNIX projects are led by consultants with an average industry experience of 25+ years, performing in various roles and providing consultancy in the field of QMS Quality Management System.

CUNIX has done consulting projects in 20+ countries and hence can boast of having multi-cultural, multi-lingual experience and successes.

650+ projects, including 120+ projects on various ISO standards, SOC, GDPR, HIPAA etc. completed till March 2023.

CUNIX has provided consulting in diverse industries like Manufacturing to Banking, I.T. to Health-Care, Engineering Services to Automation and many more.

CUNIX has consulted organizations of all sizes, from small to medium to large sizes, in terms of people, towards success in their quality initiatives.

CUNIX has deep tie-ups with all types of certification bodies and can provide end-to-end experience to the clients, as per their requirement.

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