Technology Assessments & Audits

There are several types of technology assessments, including:

Infrastructure Assessments: Evaluate the state and efficiency of physical and hardware-based resources.

Software Assessments: Analyze the organization’s software solutions to determine their effectiveness and alignment with business processes.

Cybersecurity Assessments: Focus on identifying vulnerabilities in an organization’s cyber defenses.

Digital Transformation Assessments: Aim to understand how digital technologies can be better integrated into business strategies for improved performance.

Compliance Assessments: Examine your organization’s alignment from a technology and process perspective to specific industry regulatory requirements.

SOC 1 and SOC 2 audits allow service organizations to build trust and transparency through external verification of internal controls. Using AICPA-established criteria, multidisciplinary teams composed of licensed CPAs and information technology and security specialists perform the audit and provide reports relevant to security, availability, processing integrity, confidentiality, and privacy.

At a high level, the difference between SOC 1 and SOC 2 is that SOC 1 audits evaluate internal control over financial reporting. They are typically conducted on financial services providers such as accounting firms, banks, credit unions, financial management, and advisory services.

SOC 2 audits evaluate internal control over other types of data—data that does not influence financial reporting. SOC 2 audits are typically conducted on providers of other types of services, such as support services to the health care, legal, finance, and defense industries, as well as vendors to large tech corporations like Microsoft and Amazon.

Additionally, a SOC 3 general use report covers the same topics as the SOC 2 report but at a less detailed and specific level, intended for a general audience.

The main purpose of a technology assessment is to provide a detailed analysis of your organization’s technological framework. It is normally based on gathering data and findings in your existing systems. It is designed to assess the effectiveness of your technology in meeting current and future business needs and identify any risks or vulnerabilities that need to be addressed.

With a technology assessment, you can make informed decisions about upgrading technology, improving systems, and enhancing cybersecurity measures. It also allows you to plan for future investments in technology that supports your business growth and efficiency.

The process for technology assessments typically involves several key steps:

Planning: Define the scope and objectives of the assessment.

Data Collection: Gather information on current technology and infrastructure through surveys, interviews, and system analysis.

Evaluation: Analyze the collected data to identify strengths, weaknesses, opportunities, gaps, and threats.

Reporting: Provide detailed findings and recommendations based on the analysis.

Implementation Guidance: Offer strategies for addressing identified issues and improving technological effectiveness.

A technology assessment helps you answer questions such as ‘What is the current state of my infrastructure, tech stack, and are there any gaps?” You want to ensure your technology goals are in line and able to support your company’s strategic objectives. An assessment is a great way to get a clear and thorough picture of where you are and where you need to go from a technological perspective.