steps in the audit report process:
Step One: Planning
Communication is essential in completing a SOC report and it starts in the planning process. Our planning begins with a kickoff call. The kickoff call is used to make introductions, identify key players, and points of contact. We also begin the process of understanding the services on which we will be providing an opinion. Where a readiness assessment has been requested, we establish the on-site dates for the readiness work (for first-time SOC reporters) and/or fieldwork (for recurring clients). In readiness, we assess the data flow of the services, identify controls, and provide a gap analysis of controls that may need implementation or improvement. The planning and readiness process is critical to creating open communication designed to obtain maximum efficiencies that will be realized in the Type 2 reporting process.
Step Two: Preparation
Our testing and audit plans are shared with you as soon as they are customized for your processes. Customizing and sharing these plans allow us to provide a quality product in the shortest time possible. In addition, we provide templates and main points of the narrative process to help you get started with your description. We provide a draft of the audit plan for your review and complete another call to go through the plan to assist you in assigning tasks for collecting supporting documentation and preparation for on-site testing. Once the audit plan is finalized, we complete the details in preparation of and coordination with you for the on-site testing visit. Between the time of the audit plan approval and the on-site visit, your team starts compiling your supporting documentation and uploading it to our secure portal. Remember, we are there to help, so we invite open communication if you have any questions. This preparation is essential to an efficient and effective on-site audit experience.
OPTION 1: On-Site Fieldwork
We send our itinerary prior to our on-site visit and coordinate the on-site expectations. During the fieldwork, we conduct walk-throughs, controls testing, obtain testing documentation, and review other processes as necessary. We conduct an exit interview with you to provide initial testing results, go over next steps, and have a clear plan for completion of the testing portion of the SOC report. Our goal is to have 95% of all testing documents and your draft of the control description completed at the end of field work. This ensures your report is completed in a timely manner.
The Auditwerx virtual Smart Tech Audits & Reviews (vSTAR™) process combines minimal hardware, collaborative software, and cameras to allow us to perform all or part of our audit engagement virtually and in real time. Click here to learn more.
Step Four: Audit Report Draft and Quality Control
When the on-site visit is complete, your auditor composes a draft of your SOC report and submits it to our quality control team. Every draft SOC report is subjected to a manager and partner review based on our strict quality control process. Once your report has completed this round of reviews, it is provided to you for review, feedback, and modifications. After your draft is returned to us, a final quality control review is completed.
Step Five: The Audit Report
After the final report is issued, we will provide you with the appropriate seal of completion to be displayed on your website. This seal provides your prospective clients with notification that you have completed the SOC reporting process.
Our commitment to you is that our audit report process for SOC 1 (SSAE16), SOC 2, and SOC 3 examinations delivers the highest quality report, which is meaningful to your clients and their auditors with the least disruption to your business.