How Much Does a SOC 2 Audit Cost?

The cost of a SOC 2 audit can vary depending on several factors, including the size and complexity of the organization, the scope of the audit, the number of trust services criteria evaluated, the level of effort required by the auditor, and the geographic location of the auditor.

Typically, the cost of a SOC 2 audit ranges from tens of thousands to hundreds of thousands of dollars. For smaller organizations with fewer controls, the cost may be lower, while larger organizations with more complex systems and controls may incur higher costs.

In general, the cost of a SOC 2 audit can be broken down into the following components:

• Planning and scoping: This involves defining the scope of the audit and developing the audit plan. The cost for this phase is typically based on the number of hours spent by the auditor.
• Fieldwork: This involves performing the audit procedures, including testing the controls and collecting evidence. The cost for this phase is typically based on the number of hours spent by the auditor.
• Reporting: This involves preparing the SOC 2 report, which includes the auditor's opinion and findings. The cost for this phase is typically based on the number of hours spent by the auditor.
• Other expenses: Additional expenses, such as travel and lodging, may also be incurred, depending on the location of the auditor and the organization being audited.

It is recommended that organizations request proposals from multiple auditors to compare costs and services. Ultimately, the cost of a SOC 2 audit should be viewed as an investment in improving the organization's security posture and demonstrating its commitment to protecting its clients' sensitive data.

 How to Lower the Cost of a SOC 2 Audit?

There are several strategies that organizations can use to lower the cost of a SOC 2 audit:

• Plan and prepare in advance: Adequate planning and preparation can help reduce the amount of time the auditor spends on the audit. Organizations can prepare by documenting their policies and procedures, identifying key controls, and conducting a readiness assessment to identify areas that need improvement.
• Limit the scope of the audit: The scope of the audit should be tailored to the organization's needs and risks. Organizations can limit the scope of the audit by focusing on a specific trust service criteria or by excluding low-risk areas from the audit.
• Use a pre-audit service: Pre-audit services, such as readiness assessments, can help identify potential deficiencies and improve the organization's preparedness for the audit. This can save time and money during the actual audit.
• Choose the right auditor: Organizations should choose an experienced and reputable auditor with a proven track record in conducting SOC 2 audits. A qualified auditor can work efficiently and effectively, saving time and reducing costs.
• Leverage existing certifications and attestations: Organizations with existing certifications or attestations, such as ISO 27001 or PCI DSS, may be able to use some of the evidence from those audits to support the SOC 2 audit. This can reduce the amount of time and effort required by the auditor.
• Automate controls: Automating controls can help improve their effectiveness and reduce the need for manual testing. This can save time and reduce the cost of the audit.

By following these strategies, organizations can reduce the cost of a SOC 2 audit without sacrificing the quality of the audit or the security of their systems and data.