SOC for Service Organizations (SOC 1 & 2) – Milwaukee, WI
SOC 1 and 2 Reports – Milwaukee, WI
Companies rely on effective internal controls to safeguard financial reporting, enhance operational efficiency, ensure compliance with regulatory requirements, and protect against fraud or financial misstatements. SOC reports—whether SOC 1 or SOC 2—play a key role in establishing and verifying these controls.
A System and Organization Controls (SOC 1 or 2) report demonstrates accountability, compliance, and reliability in handling both financial and data-related responsibilities. They not only reduce risks but also enhance trust among clients and give you a competitive advantage in the marketplace.
The Importance of SOC Reports
Many companies in Milwaukee and across Wisconsin face increased scrutiny over how they manage financial and sensitive client information especially, in major industries like manufacturing, financial services, and healthcare. In fact, many clients and business partners expect to see a SOC 1 or 2 report before initiating or continuing business engagements. Failure to comply with industry standards can result in significant financial penalties, data breaches, and loss of client trust.
SOC 1 Reports
A recent survey shows that almost 40% of CFOs worldwide do not fully trust the accuracy of their financial data. SOC 1 reports are critical for organizations that handle financial data, as they assess the internal controls over financial reporting processes. These reports help businesses demonstrate compliance with financial regulations, like Sarbanes-Oxley, and provide assurance to clients and partners that their financial data is managed securely and accurately. Without a SOC 1 report, companies risk financial misstatements, penalties, and loss of client trust.
SOC 2 Reports
The global average cost per data breach was $4.88 million in 2024, underscoring the growing risks associated with cybercrime. Many companies and organizations provide services that require the updating and processing of sensitive, personally identifiable information (PII), making them more susceptible targets of data breaches. This sensitive information may include social security, bank account, credit card numbers, home address, and more. Ensuring adequate protection with a SOC 2 report is critical not only to prevent breaches but also to assure clients of the strength of your cybersecurity controls.
SOC Experience
Our team has significant experience conducting SOC 1 and 2 examinations for companies in cities like Milwaukee. Specifically, we can assist with:
- SOC 1 Reports: Prepared in accordance with SSAE 18. They are specifically intended to assist your clients in evaluating the effect of the internal controls at your organization on their financial reporting. A SOC 1 examination allows you to demonstrate to your clients that your internal controls are fairly presented, have been properly designed, and have operated effectively throughout the period under review. These reports are intended to be used by management, your clients and their auditors.
- SOC 2 Reports: Prepared for service organizations for which a detailed understanding and assurance around internal controls at the organization is necessary.
- SOC 2 Plus : These examinations include one to all five of the Trust Services Categories and Criteria, plus additional criteria for frameworks such as HITRUST, PCI, ISO 27001, NIST or other established control frameworks. Depending on the need, Calvetti Ferguson can conduct a SOC 2 Type I or SOC 2 Type II examination. The main difference between the two is that a Type I report covers a specific period, whereas Type II reports cover a minimum six-month period.
Our IT risk team has helped many organizations with their SOC reporting including:
- Technology service providers
- Bank trust departments
- Claims processing centers
- Data centers & cloud computing
- Facilities management providers
- Investment management firms
- Managed service providers
- Financial services companies
- Payroll providers
- SaaS/IaaS providers
- Transportation and logistics companies
Map of Milwaukee, WI
SOC for Service Organizations
The SOC for Service Organizations Logo indicates that the products and services provided under the SOC for Service Organizations Logo are of high quality and standards commensurate with AICPA’s excellent reputation among professionals and members of the public in general.
Contact Our SOC 1 and 2 Examination Team
Calvetti Ferguson provides SOC 1 and 2 examinations and reports to businesses nationwide. If you are interested in learning about how our organization can assist, complete the form below and a team member will reach out promptly.
About Milwaukee, Wisconsin
Milwaukee’s roots are deeply intertwined with its industrial heritage, particularly in manufacturing. Once known as the “Machine Shop of the World,” the city’s history is marked by iconic brands like Harley-Davidson and Miller Brewing Company, reflecting its enduring legacy in crafting quality products.
While embracing its industrial past, Milwaukee also champions innovation and entrepreneurship. The city nurtures a growing ecosystem of startups, incubators, and tech hubs that contribute to cutting-edge advancements across various sectors.
Milwaukee’s cultural tapestry is woven with threads from around the world. The city’s neighborhoods reflect the diversity of its population, contributing to a vibrant cultural scene that influences businesses, markets, and community interactions.