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.
The SOC 1 has a completely different purpose than HITRUST. Typically a company would perform both if they are a TPA processing medical claims and other claims, where, there is
There are a lot of factors that go into responding to this question. There are audit, consulting, software, internal resources, and other factors to consider which can easily grow from
A SOC 1 Type 1 report typically costs on average anywhere between $10,000 and $20,000 USD, without the readiness assessment project which most Organizations benefit from and can be an
SOC 2 is not a certification, it’s a third party attestation of the controls in place at your organization. Typically when a company is asking this question though the answer
SOC 1 stemmed from the original SAS 70 report, which, once SSAE 16 was issued in April 2010, the formal report name was changed to being a SOC 1 report (but issued
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