We are frequently asked how long it takes to complete a SOC examination. Unfortunately there is not an answer that fits for every examination because every service organization is different. But, if an organization has controls in place the average time taken for a SOC examination is typically one to three months for Type I reports, and six to 12 months for Type II reports. If controls are not in place, the examination can take longer.
Every year as summer draws to a close, one of the most sought-after topics for discussion that clients, business associates, and others reach out to our firm about is regarding Gap Letters— sometimes called Bridge Letters.
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.
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.