A Third Party Administrator (TPA) is a service organization that provides a variety of services to the insurance industry in accordance with a service agreement.
We hear this question all the time from new clients and prospects. How long will it take for us to prepare the required documentation for a SOC report?
A SOC (System and Organization Controls) report is a report on controls at a service organization related to various types of subject matter, for example: controls that affect user entities’ financial reporting; controls that affect the security, availability, and processing integrity of the systems; or the confidentiality or privacy of the information processed for user entities’ clients.
At Linford & Company we perform many SOC 1 (f. SSAE 16) and SOC 2 engagements.
At Linford & Company, we fully understand that there are all sizes of companies that complete the kind of audits we do, which include SOC 1 (f. SSAE 16), SOC 2, HIPAA and royalty audits.
So, you have a current customer or client asking whether you have completed a SOC examination.
We get asked all the time how long it takes to complete a SOC [SOC 1 (f. SSAE 16) or SOC 2] examination.
Let’s be honest, no one likes being audited for the first time.
There is no such thing as a SOC or SSAE 16 (known as SOC 1, which is the marketing name for the standard) certification.
Unfortunately, not all SOC reports or SOC audit firms are created equal. Here are some tips to ensure that your SOC report and the firm performing your SOC examination is up to par. Confirm your firm is licensed – One day we received a call from one of our clients telling us that our fees […]