Delivering Assurance and Structure
System and Organization Controls (SOC) reports are valuable tools for your organization to provide assurance to your customers. There are three different types: SOC 1, SOC 2, and SOC 3. In addition, a SOC Readiness Assessment is available prior to conducting a full SOC 1 or 2 engagement.
SOC Readiness Assessment
If you need a SOC report for the first time, we recommend starting with a SOC readiness assessment. During a readiness assessment, we will evaluate your preparedness through reading policies and procedures, assessing the design of your system, and determining if controls have been implemented to meet each of the control
objectives or trust services criteria. You will then have time to remediate any deficiencies identified prior to commencing a SOC 1 or SOC 2 engagement.
SOC Reports Defined
SOC 1 reports provide your customers with assurance over the financial controls in place at your organization. There are two types:
- Type I report is that of an audit held on a specific date
- Type II report is more rigorous and is based on the testing of controls over a period of time
SOC 2 reports provide your customers with assurance over the controls in place at your organization relevant to the 5 Trust Services Categories (TSCs) established by the American Institute of Certified Public Accountants (AICPA). TSCs include: security, availability, processing integrity, confidentiality, or privacy. There are also two types:
- Type I confirms that controls are in place
- Type II confirms that controls are in place and effective
SOC 3 reports focus on TSCs, but contain less detail as test results and opinions are not included in the report. A SOC 3 report is considered a general use report and can be used as marketing material.
Key Benefits of a SOC Report or Assessment
- Builds trust with customers and prospects
- Can be utilized as marketing material to gain a competitive advantage
- Streamlines your processes
- Identifies deficiencies in your systems, processes, and controls
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Barnes Wendling has been our company accountants for over seven years. Their knowledge has been instrumental in helping us grow strategically during this time. And although we’ve seen many changes in our economy that we cannot control, we’ve always been able to trust the Barnes team to be by our side. The Barnes team feels like family. We can’t thank them enough for their support!
Christine Kloss - Controller, AT&F
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Barnes Wendling has been our company accountants for over 15 years. During this time, the business has grown exceptionally, and Barnes has kept pace, providing accurate, quality advice. Our finances are more efficient than ever, and the expense of hiring Barnes has been a definite positive add to our bottom line. I give my highest recommendation to their firm.
David Miller, MD - President, Retina Associates of Cleveland
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Barnes Wendling has provided us guidance and recommendations that have strategically helped strengthen our business and position ourselves for growth. We needed to hire a new VP of Finance and Controller this past year, and they were instrumental in helping us find the best candidates for our company.
Sara Blankenship - President, Kaufman Container
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We value the trust, accuracy of information, and reliability of Barnes Wendling and Mike Essenmacher personally. Mike has been instrumental as a trusted advisor on accounting, tax, and personnel issues. His advice is always accurate, and he is very reliable. His associates are also very talented.
Dominic Ozanne - President and CEO, Ozanne Construction Company
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We value Barnes Wendling’s expertise with all things accounting so we can operate our business using our strengths and allowing them to be our experts. They have also brought me a few business sale opportunities to allow me to grow my assets.
John Gaydosh - President and Metallurgical Engineer, Ohio Metallurgical Service
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Barnes Wendling (especially Lena) did a great job with our financials. Everything. It is extremely refreshing and comforting to know that all of our numbers are not only correct, but they are in the right place(s). Your diligence and reporting truly does make me (personally) feel better.
Thomas Adomaitis - Controller, Bialosky Cleveland
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I can wholeheartedly tell you that I have yet to work with an audit or tax team that have been more helpful, easy to work with, and committed than the team at Barnes Wendling- I have been through three different firms in the last few years.
Michelle Saylor, Former Controller, Aero Mag
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Floyd Trouten at Barnes Wendling CPAs is an “expert’s expert” when it comes to M & A accounting. Not only does he understand the evolving details of the Tax Code but he also sees the fine points of their application for owners, managers, investors, and financiers.
Mark A. Filippell, Western Reserve Partners
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The service is amazing at Barnes Wendling CPAs. The benefit is worth more than the cost. Sometimes it’s true that you get what you pay for.
Mark Boucher - Former Owner, Castle Heating & Air
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Floyd and Barnes Wendling CPAs always provide us with peace of mind. Floyd is not only our trusted financial advisor, but we trust him like family. The Barnes Wendling CPAs team is always proactive and meet all of our deadlines. We are very grateful for them.
Trish Gleason, OMCO Holdings & Gleason Family Office
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Our heartfelt thanks to the Barnes Wendling CPAs team for all you do for us, such as your remarkable responsiveness, timeliness in meeting deadlines, and being such a pleasure to work with!
Karyn Davies Mitchell, CareMetx
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Barnes Wendling takes a holistic, comprehensive approach that helps ensure we are looking ahead to the future. By keeping us up to date on relevant law and regulation changes, we can focus on running our business rather than burying ourselves in tax law. All of this is well communicated, which is the key to any relationship.
Joe Gramc - CFO, Five Star Trucking