Strengthen internal controls and mitigate vendor risks through SOC examination
WHAT IS SOC FOR SUPPLY CHAIN
Protect Your Company and Stakeholders From Supply Chain Risks
SOC for Supply Chain is a key component of the AICPA SOC Suite of Services. This report helps organizations evaluate their internal controls related to their supply chain, offering transparency about how they manage supply chain risks.
The report covers a description of the organization’s production, manufacturing, or distribution systems, an assertion from management on the effectiveness of their controls, and an auditor’s opinion on the accuracy of this description and the effectiveness of the controls. It uses the same Trust Services Criteria as SOC 2 reports: Security, Availability, Processing Integrity, Confidentiality, and Privacy.
I.S. Partners’ comprehensive SOC vendor supply audits provide peace of mind and build client trust. We help you maintain control over your supply chain operations by identifying and addressing potential risks.
WHO NEEDS SOC FOR SUPPLY CHAIN
Build Strong and Protected Links With Your Partner Vendors
While focused on physical and software products, organizations of any size or industry can use SOC for Supply Chain. The AICPA originally designed the framework for organizations offering production as their service.
The framework aims to protect organizations to meet the demands and mitigate the risks faced by organizations that heavily rely on suppliers and distributors.
- Producers of raw materials for sale
- Manufacturers of components or finished goods
- Distributors managing logistics networks
- Commercial software developers (excludes software dev services)
Secure your supply chain safety through proper risk management and comprehensive audits.
SOLUTION
Demonstrate Supply Chain Resilience Through Vendor Supply Chain SOC Report
The demand for transparent supply chains is on the rise. Stakeholders and service organizations are more drawn towards vendors who value security and have appropriate organization controls over threats and proper supply chain management.
I.S. Partners’ SOC for Supply Chain audits provide a thorough assessment of your internal controls, offering a clear picture of how well your supply chain activities are managed. By ensuring that your controls meet the highest standards, we help you build trust with your stakeholders and stand out in a competitive market.
Trust in our audit services to develop a comprehensive supply chain report that will build trust with your business partners while minimizing the burden on your staff.
BENEFITS
Anxiety-Free SOC for Supply Chain Assessment and Report
By proactively addressing risks through this framework, suppliers can provide transparency, build stakeholder confidence, differentiate from competitors, and ultimately demonstrate supply chain resilience.
I.S. Partners’ SOC vendor supply chain audits provides the following:
Enhanced Risk Management
Better control and overview of risks and security threats
Transparent Operations
Improved communication of operations and security controls
Competitive Advantage
Shows commitment to supply chain resilience
WHAT’S INCLUDED
Thorough, Hassle-Free, and Precise Supply Chain Audits
I.S. Partners’ SOC for Supply Chain audit services help you identify, mitigate, and communicate supply chain risks, enhancing the resilience and integrity of your operations. Our SOC vendor supply audit services include detailed components, such as the following.I.S. Partners offer Approved Scanning Vendor services including the following:
Pre-Audit Assessment
We begin by defining the scope of your production, manufacturing, or distribution system, identifying relevant products, services, business units, and locations.
Risk Identification and Control Implementation
We perform a thorough risk assessment to evaluate potential disruptions, such as product quality, delivery commitments, supplier relationships, logistics, data security, and privacy risks. We then design and implement internal controls aligned with Trust Services Criteria to mitigate these risks.
Audit Engagement and Evidence Collection
Our CPA firm conducts the SOC for Supply Chain assessment, with our support in providing necessary documentation, records, and personnel. We facilitate control testing and address any gaps identified.
Report Review and Finalization
We review the draft SOC report to ensure accuracy and completeness, provide management’s assertion on controls, and finalize the report with our CPA firm’s opinion. We assist in sharing the finalized SOC report with stakeholders, enhancing trust by showcasing your supply chain risk management efforts.
Ongoing Monitoring and Improvement
We establish ongoing monitoring processes for supply chain risks and control effectiveness, recommend regular reviews, and suggest improvements, including annual examinations to maintain stakeholder confidence.
Gear up and fortify your supply chain system controls with our audit services.
TIMEFRAME & FREQUENCY
SOC for Vendor Supply Chain Timeframe and Frequency
Timeframe
4 to 12 months (Average)
The timeframe for completing a SOC for Supply Chain examination can vary depending on the organization’s readiness and the scope of the assessment.
If an organization already has controls in place, a SOC examination typically takes 4 to 12 months. Businesses seeking compliance for the first time may experience longer audit timeframes.
Frequency
Annually
SOC reports, including SOC for Supply Chain, are often considered stale or irrelevant by users after 12 months. This suggests that annual examinations may be necessary to maintain the relevance and value of the report for stakeholders.
The most common and recommended cadence for SOC examinations is a continuous cycle of compliance.
PRICING
SOC for Supply Chain Audit Cost
SOC audits, including SOC for Supply Chain, typically range from $20,000 to $100,000 in cost . However, the exact price can vary significantly depending on various factors specific to the organization and the scope of the assessment.
The total cost of compliance can be significantly higher when including readiness assessments, remediation, internal costs, and ongoing maintenance.
WHY CHOOSE US
Expert-Led SOC for Vendor Supply Chain Assessment
Choosing I.S. Partners means partnering with a trusted CPA firm that is dedicated to enhancing your supply chain’s transparency and integrity. Our detailed reporting and effective stakeholder communication help build trust and demonstrate your commitment to managing supply chain risks.
Full U.S.-based team
Ensures a better understanding of the local business nuances and regulations.
No Outsourcing
Work with the same dedicated team throughout the entire process.
One-stop shop
Saves time and effort by offering all requisite services under one roof.
Nearly 20 years of experience
Gives you access to our deep industry insights and tried-and-tested methods.
Compatibility with your compliance software
Offers the flexibility to integrate with existing software like Drata, Vanta, or any other.
Software Included (FREE!)
Benefit from our proprietary software at no additional cost.
PROCESS
Proven Effective Audit Process for Vendor Supply Chains
I.S. Partners offers seamless, stress-free process from pre-audit assessment to final report delivery, working closely with your team to ensure all relevant systems and risks are properly identified and addressed.
Our tailored approach helps you develop effective controls aligned with Trust Services Criteria, providing confidence in your supply chain’s security, availability, processing integrity, confidentiality, and privacy.
- Pre-Audit Assessment: Define relevant systems and locations.
- Risk Identification: Evaluate potential supply chain disruptions.
- Control Design: Develop and implement controls for identified risks.
- System Description Preparation: Document your systems and operations.
- Audit Engagement: Conduct the assessment with our CPA firm.
- Evidence Collection: Provide documentation and support for testing.
- Report Review: Finalize and verify the audit report.
- Stakeholder Communication: Share the report with stakeholders.
- Continuous Improvement: Monitor and enhance controls regularly.
TESTIMONIALS
See why our clients are so loyal.
Through the years, I.S. Partners has continued to help us earn and maintain our compliance positions and we are very grateful for the professional standard that they have guided us to achieve. We value their “trusted advisor” partnership they have created with us and would highly recommend them to anyone pursuing these achievements.
Tom Russo
President doeLEGAL, LLC
I.S. Partners helped AvMed to effectively and efficiently implement the Model Audit Rule, while also serving as a true business partner in enabling AvMed to understand and where appropriate implement best practices. I would highly recommend IS Partners for anyone looking to engage a firm that brings and delivers a unique and differentiating service experience.
Randy L. Stuart
Senior Vice President & CFO AvMed
The Audit team provided us a thorough audit guideline prior to the on-site visit. This allowed ePay to successfully prepare for the audit. This onsite visit was conducted in a very timely and professional manner. If your company is looking for outstanding audit and compliance services at a very competitive price, I.S. Partners is a great fit.
Thomas Simoncic
Chief Operating Officer VRS Vericlaim, a Toplis & Harding Company
I have used I.S. Partners for a variety of services and have always found the product of top quality.
Mark Monroe
Director Internal Audit DentaQuest
