SOC Reviews and Audits

On October 1, 2023, a metro sales tax increase will affect seven metro counties in Minnesota. The counties of Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington will need to collect a new 1% local sales tax that will be used to fund transportation and housing projects.
As outsourcing of services becomes more prevalent among organizations, it’s important for a company to ensure that its vendors enforce the same level of controls and protections that they do. A SOC evaluation is conducted by an independent CPA and provides validation and trust.
Nearly 100 years ago, Olsen Thielen was founded on the belief that personal attention, trust, and quality service were the key elements to helping our clients succeed, and that commitment remains.  commitment to their clients and their community. 
We get this question frequently. Often the person who gets asked has little experience with SOC auditing and reporting and is concerned about responding appropriately. If your company is faced with this question, this article will help explain what you need to know.
We see many organizations requesting SOC reports from their business partners due to a corporate compliance mandate. It appears to be a default company request even though the business relationship may not fit the purpose and scope of a SOC report.
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