CPA firm · SOC reports for every sector
Industries We Serve
Different industries, the same question from customers: can we trust you with our data and our numbers?
Audit Peak works with clients across a wide spectrum of industries. Whatever the sector, most engagements come down to a SOC 2 report, a SOC 1 report or an agreed-upon procedures engagement. This page explains which one fits, industry by industry.
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From technology to manufacturing.
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Find Your Industry
Audit Peak provides a true ‘value added’ approach to understanding client needs and the challenges they face. Choose your industry to see which reports usually apply.
Technology
SaaS companies, cloud providers, data centers and managed service providers hold their customers’ systems and data, so they are asked for a SOC 2 report more than any other industry. It is now a standard step in enterprise procurement and vendor security reviews.
If your software also feeds your customers’ books, for example billing, payments or payroll, their auditors may ask for a SOC 1 as well.
Reports that typically apply
- SOC 2: the report enterprise buyers ask for by name. See SOC 2 Compliance for SaaS Startups.
- SOC 3: a public summary of your SOC 2 for your website.
- SOC 1: when your platform processes or reports customers’ financial data.
- GDPR: when you handle personal data of people in the EU or UK.
Insurance
Insurers, third-party administrators, claims processors and insurance technology vendors handle policyholder data and process transactions that end up in someone else’s financial statements.
That combination usually means two audiences: customers’ auditors, who want assurance over claims and premium processing, and security teams, who want assurance over the data.
Reports that typically apply
Healthcare
Providers, health plans and the technology and billing companies that serve them all handle protected health information. Covered entities increasingly ask vendors for independent proof of safeguards before they sign a business associate agreement.
Health technology vendors are often asked for both a HIPAA assessment and a SOC 2 report, and much of the evidence carries across the two.
Reports that typically apply
- HIPAA: an independent assessment against the Security, Privacy and Breach Notification Rules. See the responsibilities of a business associate.
- SOC 2: for health technology and service vendors.
- SOC 1: for revenue cycle, medical billing and claims processors.
- ARC-AMPE: for exchanges, Medicaid agencies and their partners.
Real Estate
Property management platforms, title and escrow services, appraisers and real estate technology companies handle tenant and buyer financial information, and in many cases move or account for money on behalf of owners and investors.
Owners, investors and lenders want to know that the numbers they receive are reliable and that personal financial data is protected.
Reports that typically apply
- SOC 1: for rent, lease and fund accounting performed on behalf of owners and investors.
- SOC 2: for property and real estate technology platforms.
- GLBA: real estate appraisers and other businesses providing financial services to consumers are covered.
- Agreed-upon procedures: to verify specific figures or terms in a transaction or contract.
Banking & Finance
Banks, credit unions, lenders, payment processors and fintech companies operate under the closest scrutiny of any sector. Financial institutions are expected to oversee their service providers, so vendors to this industry are asked for SOC reports as a matter of course.
A fintech or processor will often need a SOC 1 for its customers’ auditors and a SOC 2 for their risk teams.
Reports that typically apply
- SOC 1: for loan servicing, payment processing and fund administration. See Comparing SOC 1 and SOC 2 Reports.
- SOC 2: for the security of customer financial data.
- GLBA: an assessment against the Safeguards Rule.
- Agreed-upon procedures: for lender, covenant or contract compliance.
Transportation
Logistics providers, freight and fleet platforms and transportation management software sit in the middle of their customers’ supply chains. Their systems hold shipment, customer and billing data, and an outage or error is felt immediately downstream.
Shippers and carriers increasingly ask these vendors for independent assurance before integrating with them.
Reports that typically apply
- SOC 2: for the security and availability of logistics and fleet platforms.
- SOC 1: where freight billing, audit or payment services affect customers’ financial reporting.
- Agreed-upon procedures: to check that contract or rate terms are being applied as agreed.
- NIST CSF: for a broader view of cyber risk across operations.
Education
Colleges and universities hold student financial aid records, which brings them under the GLBA Safeguards Rule. The education technology, tuition payment and loan servicing companies that support them are asked to show how they protect student data.
Institutions are also accountable for the vendors they choose, so independent reports have become part of procurement.
Reports that typically apply
- GLBA: for institutions that handle student financial aid information. See GLBA key requirements and coverage.
- SOC 2: for education technology and student information platforms.
- SOC 1: for tuition payment processors and loan servicers.
- Agreed-upon procedures: for grant or funding conditions.
Scientific & Technical
Research organizations, laboratories, engineering firms and technical service providers hold valuable intellectual property and research data, often on behalf of clients or funders.
Where the work is government funded or performed for a federal agency, the security requirements usually trace back to NIST.
Reports that typically apply
- SOC 2: for research, analytics and data platforms that hold client information.
- NIST 800-53 and NIST CSF: for federally funded work and for measuring your program against a recognized benchmark.
- Agreed-upon procedures: for grant requirements and funding conditions.
- SOC 1: where your services affect clients’ financial reporting.
Retail
Retailers rely on a long chain of service providers: e-commerce platforms, point-of-sale and loyalty systems, fulfillment and payment partners. Each one holds customer data or processes transactions on the retailer’s behalf.
Retailers and their auditors look to those providers for assurance over both.
Reports that typically apply
- SOC 2: for e-commerce, loyalty and retail technology platforms.
- SOC 1: for outsourced fulfillment, inventory and payment services that affect a retailer’s financial reporting.
- GDPR: when you sell to, or hold data on, people in the EU or UK.
- Agreed-upon procedures: for vendor, licensing or revenue-share terms.
Energy & Utilities
Utilities and energy companies run critical infrastructure, and they depend on billing, metering and operational technology vendors to do it. Cyber risk here is an operational and public-safety matter as well as a data matter.
The NIST Cybersecurity Framework was first written with critical infrastructure in mind, which makes it a natural benchmark for this sector.
Reports that typically apply
- NIST CSF: an assessment of your program against all six functions.
- SOC 1: for customer billing and meter data services that affect financial reporting.
- SOC 2: for energy technology and service providers.
- Agreed-upon procedures: for regulatory, contract or funding conditions.
Oil & Gas
Operators, midstream companies, oilfield service providers and the software vendors that support them work through joint ventures, royalty arrangements and long contracts. Partners and owners often need independent confirmation that the terms are being followed.
That makes agreed-upon procedures especially useful here, alongside SOC reporting for outsourced accounting and technology.
Reports that typically apply
- Agreed-upon procedures: for royalty, joint venture and contract compliance.
- SOC 1: for outsourced accounting and revenue distribution services that affect owners’ financial reporting.
- SOC 2: for industry software and data platforms.
- NIST CSF: for cyber risk across operations.
Manufacturing
Manufacturers and the supply chain, ERP and logistics providers they depend on exchange designs, forecasts, inventory and pricing data every day. Customers want to know that this information is protected and that the systems behind it are reliable.
Manufacturers that supply the federal government also inherit security requirements through their contracts.
Reports that typically apply
- SOC 2: for supply chain, ERP and manufacturing technology providers.
- SOC 1: for outsourced inventory, order or payroll processing that affects customers’ financial reporting.
- NIST CSF and NIST 800-53: for cyber risk, and for work performed for federal agencies.
- Agreed-upon procedures: for inventory, pricing or contract terms.
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