Cigniti Technologies Is Now Amongst The Elite!Tejas Joshi
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With the successful completion of Service Organization Controls (SOC) audits, including SOC 1, SOC 2 and SOC 3, Cigniti Technologies joins the elite group of independent testing services organizations that have all undergone the audit. Cigniti’s scope for SOC audit was ‘Consulting, Software Design, Development and Testing System’ for the managed services unit for the period January 1, 2015 to December 31, 2015 (including Cigniti Technologies, 100% subsidiary of Cigniti Technologies Limited).
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Service Organization Controls in the form of reports are accounting standards that provide information of the finances of organizations. These reports are covered under the Assurance Reports on Controls at a Service Organization (ISAE) 3402, an assurance standard, and Statement on Standards for Attestation Engagements (SSAE) 16, an auditing standard. The three SOC reports, SOC 1, SOC 2, and SOC 3 cover different aspects of an organization that enable service auditors to report the compliance of the said organization with regulations.
SOC 1 reports “are specifically intended to meet the needs of the managements of user entities and the user entities’ auditors, as they evaluate the effect of the controls at the service organization on the user entities’ financial statement assertions.” They are further subdivided into two types of reports, Type 1 and Type 2.
Type 1 – A design of controls report. This option evaluates and reports on the design of controls put into operation as of a point in time. Type 2 – Includes the design and testing of controls to report on the operational effectiveness of controls over a period of time. These reports are restricted to the users of the service organization, the management of the service organization, and user auditors.
SOC 2 reports “are intended to meet the needs of a broad range of users that need to understand internal control at a service organization as it relates to Security, Availability, Processing Integrity, Confidentiality or Privacy.” Use of these reports is generally restricted to the management of the service organization, user entities, and user auditors.
These reports are also subdivided into Type 1 and Type 2 reports. Type 1 – report on management’s description of a service organization’s system and the suitability of the design of controls. Type 2 – report on management’s description of a service organization’s system and the suitability of the design and operating effectiveness of controls.
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SOC 2 report demonstrates an independent auditor’s review of a service organization’s application of criteria related to one or more of the Trust Services Principles, which are –
- Security: The system is protected against unauthorized access (both physical and logical)
- Availability: The system is available for operation and use as committed or agreed for reducing assessment of control risk below maximum
- Processing integrity: System processing is complete, accurate, timely, and authorized
- Confidentiality: Information designated as confidential is protected as committed or agreed
SOC 3 reports “are designed to meet the needs of uses who want assurance on the controls at a service organization related to security, availability, processing integrity, confidentiality, or privacy but do not have the need for or the knowledge necessary to make effective use of a SOC 2® report”. These reports are freely distributed, as they are intended for general use.
What this means for Cigniti and its Clients
The success of these audits translates into giving Cigniti Technologies a competitive advantage. The audits bear testimony to Cigniti’s dedication towards assured control over the security, availability, and processing integrity of the systems used by a service organization like itself.
The reports further aid in solidifying trust and confidence in service delivery processes and controls, as they are designed to help service organizations meet specific user needs.
Cigniti visualizes the following key benefits for our clients:
- Establish trust with the user organizations
- Avoid the time and cost associated with audit request from clients
- Identify redundant or ineffective internal controls during the process
The two most important aspects that define our success is our ability to maintain client confidentiality and ensure security, the integrity of which have now been certified by a third-party auditor. In addition, the successful audit also implies that Cigniti:
- Looks ahead to continue building its business on grounds of trust and quality.
- Looks forward to cater to public corporations apart from the privately held companies.
- As a trusted service provider, guarantees that the processes and delivery of services are in compliance with regulations.
- Has a Certified Public Accounting firm/CPA (external to the organization) opine on the effectiveness of Cigniti’s controls.
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Cigniti Technologies is an independent software testing organization. Our services are catered across industries and often exclusively tailored to meet specific client requirements. From airlines, to restaurant chains, from BFSI to mobile technologies, we continue to expand our business in testing services.
BlueSwan, Cigniti’s proprietary IP, is a platform complete with five elements, all of which have been designed to assure impeccable software quality. To know more about BlueSwan, click here.
Cigniti Technologies has also mastered the art of forming strategic partnerships with best of breed vendors that provide specific services. This allows us to maintain quality in our services to our clients, and also solidifies our constant endeavor to put our clients’ needs foremost. To know more about Cigniti Technologies, visit our website and get in touch with our experts.