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SOC for Supply Chain
SOC for Supply Chain is the most recent SOC reporting option addition to the AICPA’s Suite of SOC Services. This report is designed to provide relevant information to organizations up and down their supply chain, and is specifically designed for all industries and stakeholders seeking to manage supply chain risks.
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Why SOC for Supply Chain?
The SOC for Supply Chain report provides a direct option for organizations that previously relied on vendor questionnaire responses because service provider assessment reports (SOC 1, SOC 2, SOC 3, many PCI ROCs, etc.) were unavailable for use by suppliers.
What to expect for your SOC Examination
We begin each project with your end goals in mind and to provide preparation for future key project activities. Effective communication and timely coordination of project planning activities are central to our methodology with our clients.
1. Planning
4. Reporting
Planning
After the agreement is executed, the first phase of the engagement is planning. This is to ensure that Schellman and the Client are fully aware of the what, who, when, why, and how prior to the beginning of testing.
Proper planning is imperative to the success of a project. Schellman has standard processes to cover the important pieces of the engagement.
Understanding and Kickoff
The kickoff is considered the start of the engagement. If needed, Schellman will schedule a call at the beginning of, or just prior to, the kickoff to finalize any outstanding items. Schellman will be available to the client with any questions.
By including communication prior to starting, Schellman ensures that no last-minute changes to the project or team have occurred and the Client has the plan prior to the testing and on-site visit.
Testing and Gathering
Testing and gathering is the core of the compliance engagement. Due to the planning and understanding processes, this phase will be an accumulation of gathering the evidence needed for the objectives discussed.
Schellman has a no surprise policy and has daily contact with the stakeholders during the testing and gathering activities. Furthermore, Schellman will begin documentation of the draft deliverable to be able to provide it to the Client efficiently after this phase. The Client will have confidence the Schellman team has completed this phase timely and completely.
Reporting
Schellman’s testing methodology ends with reporting, but the entire assessment is focused on creating a deliverable that is clear, concise, and accurate.
Schellman’s report takes into account the entire process and customizes a report for each Client. The draft report will be provided within 2 weeks of the last day of testing and gathering phase, and a final report will be provided within 30 days. This timing is unsurpassed by the industry.
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