The first time any new task is undertaken - it can be overwhelming. Our teamwork approach to a Readiness Assessment will lessen your SOC burden. We provide you with assistance in understanding your controls, assessing possible changes to your procedures to enhance your controls and explain each step of the process to minimize the fear factor.
Specifically, we go through several phases during a Readiness Assessment – however, each project is different and may or may not have the same elements as we tailor each engagement to our client’s needs…not a cookie cutter process. The following is an example of a Readiness Assessment project:
Phase 1: Organize and Plan – this is where we define roles and responsibilities, establish timelines and provide you with a self assessment tool to determine where your strengths and weaknesses are.
Phase 2: Evaluate Internal Controls – we assist you in understanding what controls you currently have in place, compare your controls to the best industry practices and provide suggestions for enhancement to your controls.
Phase 3: Re-evaluate and Perform Gap Analysis – we assist you in taking a second look at your controls – after the changes have been made in Phase 2 to determine if there are still any weaknesses.â€¯ If any are identified, we will work with you to make the necessary changes to solidify your control structure.â€¯ We will also work with your team in understanding how an auditor would test your controls in order to ensure the proper documentation is maintained.
Phase 4: Overall Assessment and Monitoring – we perform an overview and potentially a mock SOC examination.â€¯ We will also provide you with tips on how to successfully monitor your controls and determine their efficiency and effectiveness on an ongoing basis.
At the end of the project –â€¯your organization should be well prepared for a SOC (formerly SSAE 16 and SAS 70) examination.