A common question when looking into completing your first SOC Audit is how much will it cost? The cost of a SOC Audit varies on several key factors, but typically the cost of a SOC 1 audit will start around $20,000.
Initial or Returning SOC Audit?
One of the factors that can increase the cost of a SOC Audit is whether you are working on an initial SOC audit or if you are working on a subsequent year’s audit. SOC Vantage’s streamlined process and smart technology are a major advantage for organizations seeking their first SOC Audit. A second-year audit should not have significantly increased costs, should you keep the same auditor.
Industry & Internal Infrastructure
The complexity and size of the internal infrastructure of your organization is another major contributing factor in determining the cost of a SOC 1 Type 2 Audit. Larger organizations with more complex internal infrastructures will require greater resources for the Auditor and increase the overall cost. Industries that involve many in-depth financial processing systems, such as Third Party Administrators or Cryptocurrency related applications, will also require increased resources and costs.
Other Potential Costs Of A SOC 1 Type 2
During the audit process, there will be an analysis of your organization’s internal security structure and advice on covering any potential security gaps. If there are gaps that need to be addressed, this can also increase audit costs.
If you have any questions or would like a proposal for your next SOC Audit, contact us today!
