SOC 2 Audits – Arkansas (AR)
SOC 2 Examinations – Arkansas
Arkansas business owners need to ensure sensitive data is protected, especially when it comes to the financial and personal identification information (e.g. social security numbers) of customers and clients. Ensuring there are robust internal controls and cybersecurity policies and practices in place to protect against a breach is essential. Increasingly, many clients and customers are asking their vendors for a Systems Organization Control (SOC 2) Audit Report as a condition for doing business with them, or, in the case of contract renewals, continuing these relationships. A SOC 2 Report is an opinion on the effectiveness and design of an organization’s internal controls that meet the AICPA Trust Services Criteria. In essence, it is a statement verifying the effectiveness of an organization’s risk management efforts to protect the information of its customers and clients.
Arkansas SOC 2 Audits
McKonly & Asbury provides SOC audits to companies in Arkansas and beyond. Typically, we work with organizations that use or store sensitive financial and personal data that cybercriminals want. Our clients include data centers, loan servicing companies, insurance companies, medical claims processors, payroll providers, and more. Broadly, any organization that provides services to customers that directly impact the customer’s financial statements would be a candidate for such a report. Service organizations should evaluate their needs along with their customers’ reporting needs before determining the type of SOC report that applies to their needs. There are two types of SOC 2 audits:
- SOC 2 Type I – A SOC 2 Type I report is an opinion on management’s description of a service organization’s system and the suitability of their design of controls that meet the AICPA’s Trust Service Criteria for Security. It can also address Availability, Processing Integrity, Confidentiality, and/or Privacy, depending on your customers’ requirements. The report is made up of the auditor’s opinion, management’s assertion on the presentation and design of the controls, a description of the service organization’s systems and controls, and a listing of the organization’s controls. The SOC 2 Type I audit report differs from the SOC Type II in that the former covers ONLY the suitability of the design and addresses ONLY at one specific point in time.
- SOC 2 Type II – A SOC 2 Type II report is an opinion on management’s description of a service organization’s system and the suitability of the design and operating effectiveness of controls that meet the AICPA’s Trust Service Criteria for Security. Similar to a SOC 2 Type I, this report can also address Availability, Processing Integrity, Confidentiality, and/or Privacy, depending on your customers’ requirements. A SOC 2 Type II audit report contains the same core components as a Type I, but Type II is expanded to include the procedures used by the auditor to test the stated controls and the results of such tests over a defined period, rather than a single point in time.
Map of Arkansas
The business community in Arkansas is a diverse and important part of the state’s economy. It encompasses a wide range of industries, including agriculture, manufacturing, healthcare, retail, and technology. Arkansas is known for its thriving agricultural sector, with a focus on poultry, rice, and soybeans. Additionally, the state is home to major retail corporations, including Walmart, which have a significant impact on the national and global markets.
Little Rock, the capital city of Arkansas, serves as a central hub for business activity, housing corporate headquarters, financial institutions, and government offices. The city’s strategic location along the Arkansas River contributes to its economic significance.
In recent years, there has been growth in the technology sector, with startups and technology companies emerging in various regions of the state. Arkansas is also making efforts to attract and retain talent in the tech industry.
McKonly & Asbury provides SOC 2 Audit services remotely to businesses in Arkansas from our Pennsylvania office locations. Interested in learning more about the SOC 2 audit services offered to companies in Arkansas. Complete the form below and we will follow up with you shortly.