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SOC 2 Audits – New Jersey

SOC 2 Examinations – New Jersey

New Jersey 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.

New Jersey SOC 2 Audits

McKonly & Asbury provides SOC audits to companies in  New Jersey 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.

Map of New Jersey

About New Jersey

The New Jersey business community is a diverse and thriving economic landscape that plays a crucial role in the state’s overall prosperity. Situated in the northeastern United States, New Jersey boasts a wide range of industries, a well-educated workforce, and strategic advantages that make it an attractive destination for businesses of all sizes.

One of the key drivers of New Jersey’s economy is its proximity to major metropolitan areas, including New York City and Philadelphia. This strategic location has led to the growth of industries such as finance, pharmaceuticals, and professional services. The state is home to many Fortune 500 companies and corporate headquarters, particularly in cities like Newark and Jersey City.

New Jersey has a robust pharmaceutical and life sciences sector, with numerous pharmaceutical companies, research institutions, and medical facilities. This concentration of healthcare-related industries has positioned the state as a leader in medical research and innovation.

McKonly & Asbury also provides SOC 2 examinations to companies in Arkansas, Arizona, California, Colorado, Delaware, Florida, Georgia, Indiana, Iowa, Illinois,  Kentucky, Maryland, Michigan,  New Jersey, North Carolina, Ohio, Pennsylvania,  South Carolina, Tennessee, Texas,  Washington, West Virginia and Utah.