Depending on the size of your Company, you could look to another small business owner in a similar situation or trusted advisor to sit on each others board’s and create the necessary segregation. As always, consult with your auditor before taking any structural changes.
As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.)
At a high-level, SOC1 is about financial controls, while SOC2 focuses on information security controls. They serve different end-user customers and stakeholders.
Yes, they can complement each other. SOC 2 may cover specific areas relevant to service organizations, while ISO 27001 provides a broader approach to information security management.
Previously in SSAE-16 a Management Representation Letter was highly recommended and common practice, however, they were not explicitly required to be obtained except in certain existing subject matter sections. This
As of the latest SSAE 18 and SOC 2 updates, vendor management and review of any relevant compliance / audit reports (SOC 1, SOC 2, HITRUST, ISO 27001/2, PCI, etc.)
This depends on how prepared and how many resources an Organization has to dedicate to the project. The first time through, usually a readiness assessment would be performed, and then
SOC Reporting Guide