When pursuing a SOC 2 examination, a popular first step for many organizations—particularly those just stepping into the world of compliance for the first time—is the SOC 2 readiness assessment. But for those first-timers who don’t know what to expect from such a process, it might help to have a primer.
Internal Audit (IA) and Governance, Risk, and Compliance (GRC) professionals are often charged with reading SOC reports from service providers to gain an understanding of each vendor’s controls, but many may not know how you can also use these reports to also enhance, mature, and drive their own audit and governance functions.
Though the timeline of a completed report varies greatly based on numerous factors within your organization, a SOC 1 examination generally always moves through the same three phases of planning and preparation, fieldwork, and reporting stages.
Now that artificial intelligence (AI) has more fully engrained itself into the digital world and economy, it makes sense that the American Institute of Certified Public Accountants (AICPA)—as the organization that sets the most recognized auditing standards in the U.S.—would have an opinion on AI use, particularly in terms of the possibility of related SOC-compliance issues.
TAMPA, Fla.--(BUSINESS WIRE)--Schellman & Company, LLC, a leading provider of attestation and compliance services and top 50 CPA firm, is pleased to announce the successful carve-out of Cohen & Company's System and Organization Controls (SOC) Practice. In this transaction, Cohen & Company’s SOC practice, including select personnel, will transition to Schellman. This strategic relationship is a testament to the outstanding values and focus on company culture, quality, and client service the two firms mutually share.
While in school, did you ever have a professor that would sneakily test on obscure materials? You could read the textbooks, but that material you assumed would be the bulk of an exam wasn’t mentioned—instead, your test questions were focused on the footnotes or some other material you weren’t aware of or clearly alerted to review beforehand.
“What am I looking at here?” Tony Montana asks George Sheffield that question during the classic gangster film Scarface after being arrested for tax evasion. Theoretically, Tony knows what he’s up against, but he wants his lawyer to be specific and explicit, so he knows exactly.