SOC 2 Examinations – Lexington (KY)
SOC 2 Audits – Lexington (KY)
SOC 2 Examinations
Lexington and Kentucky 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.
Lexington SOC 2 Audits
McKonly & Asbury provides SOC audits to companies in Lexington, Kentucky, 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 prior to determining the type of SOC report that is applicable 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 the requirements of your customers. 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 the requirements of your customers. 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.
Additional Healthcare Solutions
McKonly & Asbury also has extensive experience with HIPAA regulations. Learn more about how we can support your security and privacy needs on our HIPAA Compliance page.
Industry Involvement
SOC 2 FAQs
A SOC 2 audit evaluates your organization’s controls against the AICPA Trust Services Criteria framework over security, availability, processing integrity, confidentiality, and privacy. It ensures that your controls are effectively designed and operating to protect sensitive customer information.
Organizations that handle sensitive client data, such as SaaS providers, cloud service platforms, data hosting companies, and healthcare organizations, can benefit from a SOC 2 audit.
SOC 2 Type 1 evaluates the design of your controls at a specific point in time, while SOC 2 Type 2 assesses the design and operating effectiveness of these controls over a defined period (typically 6-12 months).
A SOC 2 audit demonstrates your commitment to data security, giving you a competitive edge. It helps attract new clients, strengthens relationships with existing ones, and assures your clients that their sensitive data is protected.
A SOC 3 audit covers the same criteria as a SOC 2 audit but results in a general-use report that is ideal for public visibility and marketing purposes, making it easier to share your security practices with a wider audience.
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About Lexington (KY)
Lexington’s business community is deeply rooted in the horse industry. The city is home to renowned horse farms, equestrian events, and equine-related businesses. The Thoroughbred horse industry plays a significant role, with prestigious horse racing events such as the Kentucky Derby capturing national and international attention. This industry contributes to the local economy through horse breeding, training, sales, and related services.
The agricultural industry, beyond horses, also plays a crucial role in Lexington’s business community. The region’s fertile land supports diverse agricultural activities, including the production of tobacco, corn, soybeans, and livestock. Lexington is known for its farming and agricultural innovation, with a strong network of farmers, agricultural research institutions, and agricultural businesses.
National Reach
McKonly & Asbury provides SOC 2 reports to companies across the US including those located in Atlanta (GA), Boise (ID), Chicago (IL), Cleveland (OH), Dallas (TX), Denver (CO), Detroit (MI), Houston (TX), Indianapolis (IN), Las Vegas (NV), Little Rock (AR), Milwaukee (WI), Minneapolis (MN), Nashville (TN), Orlando (FL), Omaha (NE), Phoenix (AZ), Portland (OR), Richmond (VA), St Louis (MO), San Diego (CA), Santa Fe (NM), Seattle (WA), Tulsa (OK), and Wichita (KS).