Service Organization Control (SOC) is a detailed statement assessing the compliance of internal control over a company’s financial reporting.
Authored by the AICPA, businesses initially were assessed using an SAS 70 audit, which certified that controls were in place to protect against corruption and risk. With the proliferation of external service organizations, the SAS 70 was replaced with SSAE 16, also known as SOC.
TCI annually completes the SSAE 16 audit process which is performed by a certified third party audit firm. Both SOC 1 and SOC 2 audits are completed as part of the annual process.