Are You Happy With Your SOC Provider? – Key Differentiators to Look For

Key Takeaways

• Rising Demand for SOC Services: Growth is driven by increasing privacy regulations, cloud adoption, and vendor risk management expectations – making SOC 2 reports a standard requirement in many industries.
• Provider Stability Matters: Lower staff turnover ensures continuity, stronger client relationships, and more efficient audits over time.
• Timeliness & Flexibility in Reporting: Leading providers differentiate themselves by starting fieldwork earlier and delivering draft reports quickly, reducing the typical 76-day turnaround.
• Expertise & Value-Added Insight: Firms with dedicated SOC practices and multiple certifications (e.g., CISA, CISSP) deliver higher-quality audits and actionable recommendations to improve controls and security posture.

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Recent years have brought a sharp increase in the request for SOC reporting services. According to Mark & Spark Solutions research, the SOC reporting services market is expected to grow 12% annually between 2024 and 2030 ($5.4M to $10.5M). Buyers, especially those in technology and healthcare heavy industries, now demand SOC 2 reports as a condition of vendor selection. IT budgets routinely carry earmarks for security compliance.

Some reasons the demand is increasing so rapidly include:

• Privacy and security regulations
• Shift to cloud services
• Vendor risk management

If an organization is looking for a SOC provider, or if an organization currently conducts an annual SOC audit and hasn’t reassessed their provider in a while, this article will provide key differentiators organizations should look for in a SOC provider.

Turnover

In 2025, the average CPA firm turnover was 15%-25%. Due to lack of graduates with accounting degrees, retiring baby boomers, and intense competition among firms for available talent, turnover is expected to continue to rise. Finding a CPA firm with low turnover ensures the same dedicated team works with clients year after year, which allows for audit efficiencies on both sides, the ability to build relationships, and a firm understanding of client goals and needs.

Reporting

The national average time from period end to report finalization is 76 days. Many firms do not even start fieldwork until after period end. Finding a dedicated SOC team that maintains the flexibility to perform fieldwork through the reporting period based on client availability is a key differentiator. Another perk to look for when selecting a SOC provider is a team that will provide a report draft within 2 weeks of period end of receipt of final evidence.

Dedicated SOC Function

Only a licensed CPA firm can issue a SOC report. With the exception of national and regional firms, most firms do not have a dedicated SOC practice. Some companies partner with small CPA firms to obtain the ability to perform a SOC audit. A firm with a dedicated SOC segment with team members who have multiple certifications is something to look for in a provider; a dedicated team will be able to stay up to date on technologies and accounting pronouncements, as well as turnaround testing and reporting more quickly.

Certifications

As mentioned above, a SOC team that holds multiple technical certifications in addition to the standard CPA can be instrumental in the work quality and efficiency of performing a SOC audit. Some certifications to look for include Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified Information Systems Security Professional (CISSP), as well as other IT security certifications.

As one can see, there are significant differences between those who offer SOC services, so it is important to determine whether an organization’s SOC provider is the best fit for their company and IT security compliance goals.

At McKonly & Asbury, our dedicated SOC team’s average tenure of 5 years within the group, multiple technical certifications, and 6% average turnover rate for the past 5 years provides a significant difference for our clients’ SOC experience. If your entity is interested in obtaining any additional information on SOC reports, or if there are any other questions related to SOC, please contact us. For more information on these services and more, be sure to visit our firm’s SOC & Cybersecurity industry page, and don’t hesitate to contact Dave Hammarberg, CPA, CFE, CISSP, GSEC, MCSE, CISA, CCSFP, CHQP, CCA regarding our services.

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