The SOC 2 report has been designed by the American Institute of Certified Public Accountants (AICPA). It evaluates and lists the internal controls, policies, and procedures related to the security of a system at a service organization.
Quick Recap Of SOC 2 Report
SOC 2 reports differ from other information security standards and frameworks. The AICPA has developed 5 Trust Service Criteria: security, availability, processing integrity, confidentiality, and privacy. A service organization can pick their chosen TSCs to demonstrate they have controls to mitigate risks. Of the 5 Trust Service Criteria, all the SOC 2 reports must include the security trust service criterion. At the same time, the other four are optional and can be incorporated into the report at the organization's discretion.
SOC 2 has two report types: SOC 2 Type 1 and SOC 2 Type 2
A SOC 1 Type 1 report typically says if the system controls are correctly designed, whereas a SOC 2 Type 2 report says if those controls function as intended over a period of time.
SOC 2 Audit Frequency
Now that we have had a quick recap of what a SOC 2 report looks like, let's figure out the frequency with which organizations need to perform a SOC 2 audit.
Depending on the audit period, a SOC 2 report is valid for 6-12 months from its issued date.
If the audit period is 1 Jan 2022 - 30 June 2022, the organization must prepare to renew it after these 6 months.
If the audit period is 1 July 2021 - 30 June 2022, the organization must prepare to renew it after these 12 months.
That is because any SOC 2 report older than 6-12 months becomes less valuable to potential prospects and customers. The purpose of the report is to act as evidence for customers who want to know how your organization’s security controls are performing right now, not a year or two ago.
Choosing to conduct a SOC 2 audit every 6 months allows your organization;
To have annual controls operational
To finish employee performance
To increase customer’s trust and boost sales
Start your SOC 2 audit compliance process with us!
Scrut Automation is a smart and radically simple Governance, Risk, and Compliance automation platform for growing startups and mid-market enterprises. With Scrut, Compliance teams can reduce ~70% of their manual effort in continuously maintaining compliance towards SOC 2, ISO 27001, GDPR, PCI DSS, and privacy laws like HIPAA, GDPR, and CCPA. Schedule your demo today to see how it works.