SOC Reporting Services

Trust BPS for tailored SOC 1, SOC 2, and SOC 2+ reporting. Our experienced team delivers clarity, strategic insights, and a proven methodology to help you build trust and stay ahead of compliance demands.

Clear Assurance, Trusted Expertise

In today’s environment, your customers, vendors, and regulators expect transparency and trust. At BPS, we specialize in SOC Reporting Services designed not just to meet compliance, but to genuinely improve your business operations. Our goal isn’t just a clean report; it’s helping you grow confidently and strategically.

Understanding SOC Reports

SOC (System and Organization Controls) reports provide assurance about your internal controls and risk management processes. They’re critical for organizations that handle sensitive client data, process financial transactions, or manage critical business functions.

Our SOC Offerings:

  • SOC 1 Reporting:
    • Addresses controls directly impacting your clients’ financial reporting.
    • Ideal for payroll services, financial institutions, transaction processing companies, and similar businesses.
  • SOC 2 Reporting:
    • Evaluates your controls related to security, availability, processing integrity, confidentiality, and privacy.
    • Recommended for cloud providers, SaaS platforms, data centers, and tech-centric firms.
  • SOC 2+ Reporting:
    • Combines SOC 2 criteria with additional compliance frameworks like HITRUST, HIPAA, NIST, Cloud Security Alliance (CSA), or ISO.
    • Tailored to clients needing to satisfy multiple compliance requirements.

 

Our SOC Reporting Process:

Readiness Assessment:

  • Understand your system and controls.
  • Identify gaps early and address documentation needs.
  • Set you up for success in your audit.

SOC Audit:

  • Thorough evaluation of your control environment.
  • Type 1 reports for a specific point in time and Type 2 reports covering ongoing control effectiveness.

Continuous Guidance:

  • Ongoing advice to keep your compliance efforts current and effective.
  • Recommendations tailored to continuously strengthen your control environment.

What is the difference between SOC 1 and SOC 2 reports?

SOC 1 reports focus on internal controls relevant to financial reporting, while SOC 2 reports evaluate controls related to security, availability, processing integrity, confidentiality, and privacy—collectively known as the Trust Services Criteria.

Do I need a SOC 1, a SOC 2, or both?

It depends on the services you provide and what your clients require. If your services impact their financial statements, a SOC 1 may be necessary. If you store, process, or transmit sensitive data, a SOC 2 may be the better fit. Some organizations benefit from both.

What is a SOC 2+ report?

A SOC 2+ report builds on the standard SOC 2 by incorporating additional compliance frameworks like HIPAA, HITRUST, ISO, NIST, or CSA. It’s designed for companies that need to meet multiple regulatory or industry-specific requirements in a single engagement.

How long does it take to complete a SOC report?

A readiness assessment typically takes 4–6 weeks, depending on complexity. The audit phase for a Type 1 report may take an additional 4–6 weeks. Type 2 reports require at least six months of operational evidence and can take longer depending on the audit period.

What is a readiness assessment, and do I need one?

Yes, especially if this is your first SOC report. A readiness assessment helps identify control gaps, documentation needs, and overall preparedness. It reduces the risk of surprises during the audit and gives you a clearer picture of where to focus.

What’s the difference between a Type 1 and a Type 2 SOC report?

A Type 1 report evaluates the suitability of the design of controls at a single point in time. A Type 2 report evaluates both the suitability of design and the operating effectiveness of those controls over a period of time—usually 6 to 12 months.

What industries does BPS support with SOC reporting?

We work across a wide range of industries, including SaaS and technology, financial services, healthcare, logistics, and more. If you’re handling client data or impacting financial reporting, we can help.

How does BPS ensure quality and consistency in SOC audits?

You’ll work directly with experienced professionals—not a rotating cast of junior staff. We tailor our process to your needs, maintain clear communication, and focus on making the engagement efficient, practical, and value-adding.

Can BPS help us prepare for other compliance frameworks too?

Yes. Our SOC 2+ engagements often include mapping controls to frameworks like HITRUST, HIPAA, NIST, or ISO. We also provide ongoing advisory support to help you strengthen your compliance posture over time.

How do I get started with a SOC report at BPS?

We recommend starting with a quick consultation to understand your goals, timeline, and current state. From there, we’ll tailor a readiness assessment and plan your path forward.

Why Work with BPS?

Real Expertise:

Our team has decades of experience, and we’ve helped shape the SOC reporting standards themselves. We’ve been there, done that, and know exactly how to help you navigate it.

Customized Approach:

We don’t do cookie-cutter. Every project starts with understanding your specific business. Our readiness assessments help you get organized, identify any gaps, and streamline the audit process.

Proactive & Practical:

We’re not just checking boxes; we’re here to help you use your SOC report as a strategic advantage. Our audits give you insights to improve, not just comply.

Direct Access & Exceptional Service:

When you work with BPS, you gain access to senior-level professionals who genuinely care about your business success.