Memphis SOC 1 Certifications
Your organization requires a SOC 1 report to win and retain business. SOC 1 report assessments take your Memphis and Tennessee businesses to the next level by giving your customers assurance that you have the essential internal controls in place to protect the data that could affect their financial reporting. A SOC 1 report also serves as a solid tool that will help your customers comply with financial laws and regulations, improve adherence to corporate responsibilities, and combat corporate and accounting fraud; as a SOC 1 provides an easily accessible report of your processes to create transparency, trust, and assurance. One added benefit of a SOC 1 report is that it helps boost trust and confidence in your organization among stakeholders.
Memphis SOC Report Experience
Our firm provides SOC 1 Type 1 and SOC 1 Type 2 audit services to businesses in Memphis, and across Tennessee. This typically includes third-party administrators, payroll providers, collection companies, data centers, ACH processors, managed service providers, and a host of healthcare service companies. Our team has years of experience conducting SOC audits to meet management’s needs. The result is a proactive and streamlined audit process that confirms the company’s compliance with best practices.
PBMares brings the knowledge and industry experience necessary to thoroughly evaluate Service and Organization Controls (SOC). They successfully advised our company on control measures needed to satisfactorily comply with SOC audit requirements. PBMares’ professional services have proven to be a huge enhancement to our compliance program, as well as a positive marketing tool for new prospective clients.
Christopher A. Plyler, CPA – Chief Financial Officer, CREDIT CONTROL CORPORATION
Tennessee Small Business Profile
Memphis SOC 1 Audits
Organizations across the board, including publicly traded companies, private companies, and not-for-profits may require verification that the third-party data security experts who work on their financial statements operate under a strong set of internal controls. These verifications come in the form of various levels of System and Organization Controls (SOC) reports. The reports assure your clients and prospective clients that your internal controls are secure. Examples of service companies that may require such reports include data center companies, loan servicing companies, medical claims processors, and payroll processors.
SOC 1 reports, also known as the Statement on Standards for Attestation Engagements (SSAE) 18, focus on your organization’s business processes and IT controls. Any that are likely to be relevant to an audit of your customers’ financial statements are documented in the report.
There are two types of SOC reports:
- SOC 1 Type 1 Reports – These reports are designed to test the design of the organization’s systems and how effectively they meet control objectives on a certain date.
- SOC 2 Type 2 Reports – This report identifies if the organization’s internal controls are designed and operating effectively based on control objectives.
- Readiness Assessments – PBMares offers an assessment designed to identify whether an organization is ready to successfully complete a SOC 1 examination. Our team identifies areas of strength, weakness, and the improvements which need to be made to comply with SOC 1 standards.
Contact Our Memphis SOC Auditors
PBMares provides SOC 1 audits and reports to companies in Memphis, and across Tennessee. If you are interested in learning how we can assist your organization, complete the form below and a team member will follow up with you promptly.