10 Things I Wish I'd Known About SOC 2 Auditors Before Hiring One

The Service Organization Control 2 (SOC 2) audit is a critical assessment tool, especially in the contemporary world of business where cybersecurity threats are a common occurrence. The audit focuses on a business’s non-financial reporting controls as they relate to security, availability, processing integrity, confidentiality, and privacy of a system. As such, engaging a proficient SOC 2 auditor is a paramount business decision. If I could travel back in time, here are ten things I would tell my former self about SOC 2 auditors.

Firstly, let's delve into the true essence of a SOC 2 auditor. The primary role of a SOC 2 auditor is to provide an independent assessment of a company’s control environment. This process includes evaluating the design and operational effectiveness of your company's controls. It’s essential to note that the auditors do not provide solutions but rather assess the robustness of the existing systems.

Secondly, all SOC 2 auditors are not created equal. The level of expertise and experience varies significantly. Ideally, you want to engage an auditor with a proven track record of conducting thorough and comprehensive audits within your specific industry.

Thirdly, the cost of hiring a SOC 2 auditor can be substantial. The overall expense depends on the complexity and scope of your systems, the readiness of your organization for the audit, and the rate charged by the auditing firm. However, it's a necessary investment that can safeguard your business from potential security breaches and bolster trust with your clients and stakeholders.

Fourthly, preparation is key. The audit process is often intricate and exhaustive, taking anywhere from six weeks to several months. Your organization should be adequately prepared, ensuring all systems are optimally functioning, and all necessary documentation is available.

Fifth, understand that a SOC 2 audit is not a one-time event but an ongoing process. This means that after the initial audit, there will be a need for periodic reviews to ensure the continued effectiveness of the controls.

Sixth, while the auditor will provide you with a detailed report, it falls upon you and your team to interpret and implement the recommendations. Simply receiving the report is not enough; action must be taken.

Seventh, the auditor's scope goes beyond merely assessing your internal controls. They will also delve into the effectiveness of your third-party vendors. Hence, you must ensure that your vendors adhere to the same stringent security measures as you do.

Eighth, irrespective of the SOC 2 audit outcome, there's always room for improvement. Positive results do not imply perfection, and negative results are not a stamp of irreversible failure. The audit is a learning platform to continually enhance your system’s controls.

Ninth, auditors uphold strict confidentiality provisions. However, you must recognize that they will require extensive access to your company's proprietary information. As such, ensure you have a confidentiality agreement in place.

Lastly, remember that the audit process is collaborative. Maintaining open and regular communication with your auditors will make the process more efficient and ensure any emerging issues are promptly addressed.

In conclusion, engaging a SOC 2 auditor provides an independent and objective assessment of your organization’s control environment. Understanding the nature of the audit, the role of the auditor, and the scope of the audit can greatly enhance the effectiveness of this process. As with any significant business decision, due diligence is key.