business AICPA Releases SOC for Supply Chain Management May 08, 2020 Is your business looking for ways to manage costly risks? The American Institute of CPAs released a new SOC reporting framework that could help. The American Institute of CPAs has debuted SOC for Supply Chain to mediate risks companies may experience. This is especially relevant now, in light of risks companies are facing as a result of the coronavirus outbreak. Here’s how it can help your business. What is SOC for supply chain? SOC (system and organization controls) for supply chain is a risk management reporting framework that CPAs can use to provide assurance services to manufacturers, producers, and distribution companies as they face risks in their supply chain due to the coronavirus and other threats. Through a SOC for supply chain report, companies can access information that will give them more assurance around issues that could be holding up their supply chain, since cybersecurity and the availability of certain products and components may be limited at this time. Because today’s supply chains are highly sophisticated and complex, they often depend on each other, which increases risk. What does the report provide exactly? The report can provide An opinion on the organization’s description of the system it uses to manufacture, produce or distribute productsAn opinion on the effectiveness of the controls within that system. At this time, it is increasingly important to ease costly risks. Think a SOC for Supply Chain engagement is right for your business? We can help. Visit our Coronavirus Resource Center for more.
