Get SOC 2
Audit-ready
in weeks.

The primary distinction lies in the focus and timeframe of the reports. A SOC 2 Type 1 report evaluates the design of your systems and controls at a single point in time. In contrast, a SOC 2 Type 2 report assesses both the design and the operational effectiveness of those systems and controls over an extended period, usually ranging from 4 to 12 months.

1. Define your audit scope - Collaborate with stakeholders to identify the Trust Services Criteria relevant to your organization and decide whether to pursue a SOC 2 Type I or Type II report.

2. Understand SOC 2 requirements - Know all about the five Trust Services Criteria and their implications for your organization. Find the complete SOC 2 compliance checklist for seamless audit.

3. Perform a risk assessment - Evaluate potential threats to sensitive data and determine appropriate mitigation strategies.

4. Implement security controls - Establish measures to address identified risks and ensure they are prioritized effectively.

5. Conduct a readiness assessment - Review your current systems, processes, and controls to confirm they align with SOC 2 requirements before initiating the formal audit process.

1. Pre-audit phase - This phase can take 2 weeks to 3 months. The length of the preparation phase depends on how many controls are already in place and how many need to be added.

2. Assessment window - This phase can be anywhere from 3 months to one year. The auditor will validate the security controls and test their effectiveness during the designated Audit period. The organization needs to implement designed controls throughout this period and show evidence as required by auditors.

3. Audit phase - This phase can take 2 - 4 weeks. The auditor will review the documentation and implemented controls to determine if the organization meets the requirements for SOC 2 compliance.

4. Report creation and delivery - This phase can take 2-4 weeks. The auditor will compile their findings into a SOC 2 report.

While you can stop using Letsbloom after your audit, we don’t recommend it. Continuous compliance is crucial for several reasons.

• Firstly, compliance yesterday doesn’t guarantee compliance today, and your customers know this. They want to ensure their data is safe today, so a report from last quarter won’t cut it.

• Secondly, maintaining daily compliance through continuous monitoring helps improve overall security by identifying risks and failing controls promptly.

• Lastly, staying compliant year-round reduces the time and effort required for your next audit.

By maintaining compliance (with minimal effort thanks to automation) throughout the year, you can avoid last-minute stress and make your next audit much smoother and more efficient.