SOC Reporting
SOC Reports Explained: SOC 1 vs. SOC 2 vs. SOC 3, and Type 1 vs. Type 2
Which SOC report do you need? A plain-language guide to report types, scope and timing.
Risk · Compliance · Cybersecurity · Transformation
Turn change into competitive advantage.
Formos Consulting helps organizations prove trust, strengthen security and modernize finance and technology — with senior practitioners who work alongside your team, your auditors and your other advisors.
HITRUST Authorized External Assessor
PCI QSA company
Experience with large, complex companies solving cross-functional problems
Start here
Where do you need help?
Most clients come to us with a specific need. Pick the one closest to yours.
A customer is asking for a SOC 2 reportReadiness and SOC examinations
We need to validate PCI DSS 4.0.1QSA assessments and scoping
Health systems want HITRUST certificatione1, i1 and r2 assessments
We need an internal audit functionOutsourced and co-sourced audit
We need security leadershipVirtual CISO services
We want to test our defensesPenetration testing and red teaming
We're selecting or implementing an ERPVendor-neutral, client-side support
We need guardrails for AINIST AI RMF and ISO 42001
What we do
Five connected practices
Compliance, security, technology and finance problems rarely arrive one at a time. Our practices are designed to work together.
Risk & Compliance
Internal audit, SOX, SOC reporting and framework compliance — PCI DSS, HITRUST, HIPAA, NIST, ISO and AI governance.
Cybersecurity
vCISO leadership, penetration testing, security program assessments and incident response.
Technology & Implementation
Vendor-neutral ERP and EPM selection, client-side implementation support and system reviews.
Finance Transformation
Operating model, close, FP&A, reporting, automation and HR transformation for finance and HR teams.
Project Management
PMO leadership, program management, change management, project recovery and M&A integration.
Working with a Big 4 firm?
So do many of our clients. We frequently collaborate with large audit and advisory firms — supporting management, filling specialist gaps and moving work forward between their visits.
How we workCredentials
From readiness to independent assurance
We can help you prepare for an assessment and, where independence rules allow, perform it — so you don’t have to start over with an unfamiliar team.
Why Formos
Senior expertise, without the overhead
We bring deep knowledge of compliance, technology and security to deliver solutions that improve operations, manage risk and promote bottom-line growth.
2003Solving Complex Problems since
100sof Clients served
Lead with strategy
Your strategy extends to all of our projects. Expect us to understand your business goals and help you achieve them.
Work side by side
We partner with our clients and supplement your existing resources — and your other advisors — in a seamless manner.
Ready for anything
We have experience managing very large and complex engagements, and we apply project management best practices based on that experience.
Vendor-neutral and independent
We don’t resell software. Our recommendations follow your needs — and our assurance work follows professional independence standards.
Industries
Industry knowledge across a wide range of sectors
Healthcare
HIPAA, HITRUST and security for providers, payers, health tech and business associates.
Financial Services & Fintech
PCI DSS, SOC, SOX and cybersecurity for banks, payments companies and fintechs.
Technology & SaaS
SOC 2, ISO 27001, AI governance and security for software and SaaS companies.
Private Equity
Finance, systems, cyber and integration support for sponsors and portfolio companies.
Manufacturing
Controls, OT-aware cybersecurity, ERP and finance for manufacturers and distributors.
Logistics
SOC reports, cybersecurity and systems for transportation and supply chain companies.
Insights
Practical guidance from our team
SOC Reporting
SOC 2 vs. ISO 27001: Which One Do Your Customers Want?
How the two most-requested security assurances differ, where they overlap and how to choose.
HITRUST
HITRUST e1, i1 and r2: Choosing the Right Assessment
How the three HITRUST validated assessments differ and how to pick the right starting point.
Rely on us to turn change into competitive advantage.
Tell us what’s in front of you — an audit, a customer requirement, a security concern or a system decision — and we’ll recommend a practical path forward.