SOC Audits General Overview
Phanindra & Associates in partnership with USA based CPA firm specializes in performing SOC audit services to IT Outsourcing providers and BPOs in India that are vendors to the US based enterprises. With a team of x Big 4 firm auditors, Phanindra & Associates is well qualified and experienced to conduct SOC audits for US and India based vendors, cost effectively and efficiently.
SOC Audit certification has become a competitive advantage as much as a compliance mandatory need for the vendors servicing large enterprises in USA especially in the financial services and health care industries.
SSAE 16 – SOC Type 1 - Preparation
SOC 1 reports are important components of user entities' evaluation of their internal controls over financial reporting for purposes of compliance with laws and regulations and for when user entity auditors plan and perform financial statement audits. SOC 1 audit encompasses a service auditor's report on a service organization's controls as it relates to an audit financial statements or specific control objectives relevant to the service organization. A Type I report determines design effectiveness of such controls in scope and use such controls to be utilized during the Type – II reports.
SOC Type 2 - Preparation
User entities which need to understand internal control at a service organization as it relates to security, availability, processing, integrity, confidentiality or privacy. SOC 2 audit report plays an important role in oversight of the organization, vendor management programs, internal corporate governance and risk management processes, and regulatory oversight.
International ISAE 3402 - Assurance
The ISAE 3402 audit engagement is conducted as per the international standards guidance rules. The ISAE 3402 audit report provides the assurance that the service business is maintaining effective and efficient internal controls related to financial, information, or security reporting. ISAE 3402 is similar to a SOC 1 SSAE 16 audit as conducted for US based entities.
SOC Audit – Value Add to Organizations
Given the depth of details involved, and the independent nature of the audit, the reports certified by independent professionals provide greater assurance to clients and their audit teams of right level of controls and their quality of implementation
The reports from ISAE or SOC examinations are the best way for the service organizations to demonstrate solid business, finance and IT practices with appropriate checks and balances. With increased risks pertaining to outsourcing, many of the international customers request the examination reports on an annual basis and more so mandatory to qualify as vendors for IT / BPO services.
More than as a compliance obligation, now service organizations (IT / BPO Vendors) are utilizing organization’s successful status of SSAE 16 / ISAE reports, as competitive edge and showcasing such status as a distinctive advantage over other vendors.
Team has added value right from structuring to managing all compliance and audit needs. Most of my appreciation goes to their timely response and always being there when needed
Tech Services Co based in Pune
The staff truly goes above and beyond in providing quality service and always a phone call away. The Partners are one of the most honest and professional accountants I have worked with. The help we have received in managing our complex tax structure has been immense
Cloud Tech Services Co.
The services rendered in proactive advice and always being there to manage our finances is highly appreciated. The competency of your leadership and staff is worth applauding
Australian Tech Co
From our overall experience with Phanindra& Associates, the best part we noticed is their teamwork, timely service, responsiveness and being responsible
- A German Co
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