Information Systems / Third Party Assurance
Outsourcing helps companies around the world increase efficiency and productivity. But these same companies face a basic challenge: loss of control. Companies want certainty that their external service providers have internal controls that are designed effectively and operating as intended. System and Organization Controls (SOC) reports provide this assurance.
Formerly known as Service Organization Control reports, the SOC suite of reporting options aims to provide trust and transparency on the controls of third-party providers and service organizations. SOC reports offer the certainty your company needs in a wide variety of environments, including: data centres, fund administration, back-office operations, fintech, infrastructure and application service providers (Software-as-a-Service), cloud computing operations, managed security, and enterprise IT outsourced services.
SOC reports can help clients, prospects, stakeholders and other interested parties understand and gain confidence in the internal control environment of the service organization. Obtaining a SOC report can help service organizations:
- Meet client expectations, contractual commitments and regulatory requirements
- Gain a competitive advantage by distinguishing themselves from their competitors
- Lower inherent risks by identifying and addressing potential weaknesses in their systems
- Minimize the need to deal clients’ auditors, which can be intrusive and time-consuming
- Demonstrate the reliability and continued integrity of processes and procedures that are in place
- Identify efficiency issues as well as duplicate controls in an effective and proactive way
BDO professionals work closely with service organizations to develop cost-effective solutions that fit with their unique resources and needs. Our pragmatic methodology is flexible and customizable, leveraging existing expertise to accelerate the process. We are a service-first organization, taking a proactive approach in identifying potential issues and quickly responding to them as they arise.