Monday, November 4, 2013

Conservice Controls: The SOC 1 Report

With any successful partnership, there is an element of trust that must be obtained in order for that partnership to last. That is why at Conservice, we have developed our business model and infrastructure to meet the high standards demanded of a service organization. On a regular basis, Conservice brings in a professional auditor to ensure all our business practices are in compliance with the SOC 1, an important auditing report.

SOC stands for Service Organization Controls and is a recognized auditing standard throughout the country. The SOC report is generated by providing a group of controls and then testing the company’s services against them, especially regarding financial statements.

The audit tests many different processes performed by Conservice, such as how securely we transmits data to and from our clients.  Many of the company’s financial dealings with clients, such as how Conservice collects utility billing payments, bills residents, and settles with customers, are also tested to ensure all practices are legal and ethical. The SOC 1 report is designed to keep our clients safe from any changes that could occur without their knowledge, and to offer them peace of mind.

How are Conservice clients affected by this audit? Clients may be asked for additional written documentation when a verbal request is made.  If a contract change takes place, written documentation is important so the audit can be completed accurately.. For example, a client may ask Conservice to lower the trash rate that residents are paying on their utility statements. Written documentation of this change is needed and should be kept by all parties. The documentation should be from the appropriate client representative and include when and why the change happened. Now, when the auditor comes across the contract change, he or she can see when and why the change occurred.

At Conservice, our goal is to satisfy our clients and earn their trust. The SOC 1 report helps us reach that goal. By allowing trusted auditors and accountants to verify that Conservice is compliant with all business practices and standards, we offer peace of mind to all those who do business with us.

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