With the ever-evolving business landscape, the risks and complexity of doing business are growing. To remain relevant and competitive in such market conditions the need for assurance and reliability of financial information is gaining higher importance in the eyes of both management and the board. Financial information is one of the primary forms of external communication and is fundamental in establishing the confidence of various stakeholders. You may also be required to perform an audit to meet statutory regulations or key customers (third Party Assurance Reports i.e. SOC 1 report and by performing SOC 2 audit).
We at SAV Associates, the CPA Firm in Toronto with offices in Edmonton and USA, can assist you in obtaining that assurance. Our firm performs assurance engagements at the highest levels of quality and based on our knowledge we provide unique insights and perspectives on your business. We have extensive experience in generating financial reports and reviews to benefit your business. Our team of experts does not just help you with the paperwork, but also consults you on the findings of the reports and helps you find the best solutions for your business.
Depending on the needs of our clients, we provide various types of audit and assurance services. Each of these is differentially priced depending on the amount of work that is required by our team of experts, thereby giving you better cost control.
A System and Organization Control 1 or SOC1 report (SOC audit) is given to a service organization after it demonstrates that it has sufficient internal controls in place to ensure that its client’s financials will not be affected due to its own actions. Clients usually use these reports to demonstrate to their own auditors that they trust the services that you are providing to them and do not expect your actions to impact their business in any way.
A System and Organization Control 2 or SOC 2 report (SOC audit) is given to a service organization after it demonstrates that it has sufficient internal controls in place for its information systems so that they follow one or more of the Trust Services Principles and Criteria. These criteria usually apply to organizations that do store or process information for their customers such as cloud hosting companies, Software as a Service (SaaS) companies or data processing companies.
As a society, we are heading into a digital age where more and more services are being made available online. While this helps in making our lives more convenient, it also means that more and more data is now being stored online or in the cloud. Most organizations that we work with do not have the expertise or infrastructure in information systems to handle the data that is being generated and, therefore, outsource the data handling, storage and processing to companies. The Trust Services Principles list some of the most important criteria when it comes to data storage that service-providing companies must adhere to.
Cyber Security threats are a real thing for all companies, big or small. With connected offices and on-the-move staff, companies rely heavily on their IT infrastructure to collect, store and share information. Many organizations choose third-party vendors to handle the services required for the smooth functioning of offices. This requires an assessment to ensure that the IT infrastructure is adequate as well as secure enough to handle your organizational requirements. A Cyber Security Attestation is a valuable report that allows you to gauge the level of cyber security is maintained for your data and formulate plans for risk mitigation.
As business for an organization grows, there are some non-essential functions that the organization does not wish to focus upon. These functions do not occupy the core of business operations for the organization and are usually outsourced to a third-party organization that handles all aspects related to this function. Although these functions might not be core to the business, their failure may impact the operations or even the survival of the organization. In such a scenario, one needs to be absolutely sure that the organization handling the non-core functions performs its duties efficiently. An ISAE 3402 Service Organization Report is one of the ways of gauging the quality of outsourcing services provided by a service organization.
Businesses cannot scale up organically every time. To reach newer horizons and take your business to a new level, you will need to work with different people, different organizations, different sets of skills, different attitudes and working styles to reach your goal. You might want to buy out a business or consolidate your market position by merging with another business. How does one ensure that work under this new agreement will be done to the satisfaction of both parties? A third-party audit of agreed upon procedures helps.
By partnering with SAV Associates, you gain access to a team of experts dedicated to ensuring your business’s financial health and compliance, allowing you to focus on achieving your business objectives.