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SOC 2 Examinations – Maryland

SOC 2 Audits – Maryland

 

SOC 2 Examinations – Maryland

Maryland 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.

Maryland SOC 2 Audits

McKonly & Asbury provides SOC audits to companies in  Maryland 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.

Industry Involvement

Map of Maryland

About Maryland

The Maryland business community represents a diverse and dynamic economic landscape that plays a pivotal role in the state’s overall prosperity. Situated in the Mid-Atlantic region of the United States, Maryland boasts a mix of industries, a highly educated workforce, and proximity to key markets in Washington, D.C., and Baltimore.

One of the key drivers of Maryland’s economy is the presence of government-related industries. With the nation’s capital just a stone’s throw away, Maryland is home to numerous government contractors, technology firms, and professional services providers. This proximity has fostered a thriving sector specializing in cybersecurity, defense, and aerospace.

Furthermore, Maryland’s strategic location on the East Coast has made it a vital player in logistics and transportation. The Port of Baltimore ranks among the top ports in the nation, contributing significantly to trade and commerce. The state’s transportation infrastructure, including major highways and rail networks, enhances its connectivity and supports businesses engaged in logistics and distribution.

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McKonly & Asbury provides SOC 2 Audit services remotely to businesses in Maryland from our Pennsylvania office locations. Interested in learning more about the SOC 2 audit services offered to companies in Maryland?  Complete the form below and we will follow up with you shortly.

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