Organisations increasingly rely on outsourced service providers to operate certain processes and activities on their behalf. As businesses seek assurance that their risks are being mitigated effectively for their own governance purposes, service providers are facing increasing demands from existing and potential customers, for assurance that they can rely upon too. This type of assurance can be provided through a Third Party Assurance (TPA) report. A common example of this is a System and Organisation Controls (SOC) report, which provides an independent and objective assessment of an organisation’s controls to users of its services.
BDO's Risk and Advisory Services (RAS) team offers independent assurance and advice over the design and operation of internal control frameworks. We have been carrying out control assurance assessments for many years for a wide range of service providers.
This overview represents some of the many benefits our customers experience when engaging BDO to provide a TPA report. This enables them to provide attestation to their existing and prospective customers.
SOC reporting allows you to develop trust with your stakeholders by proactively assessing the controls in place to mitigate risk and being transparent about the effectiveness of these efforts.
With all of the SOC reports available, it can be challenging to determine which report best addresses your needs. The key is to consider the risks that your clients are most focused on.
The following summary will help you to choose the right SOC report for your needs.