Your software product has passed the technical evaluation, pricing is settled, and an enterprise customer is ready to go ahead. Then procurement asks for your latest SOC 2 report. You don’t have one.
This situation creates an immediate challenge for Australian SaaS companies entering larger markets. Rushing into the wrong assessment may not satisfy the customer’s requirements, and security assurance takes time. Start by understanding what the buyer expects, then plan backward from the deadline.
A calm first step is to find out exactly what was asked for, and by when. Sometimes the request leaves more room than it first appears, so it’s worth asking before assuming.
Work Out Which Kind of SOC 2 Report the Buyer Wants
Different SOC 2 reports provide different levels of assurance. Knowing the distinction between SOC 2 type 1 vs type 2 matters when you respond to enterprise security requirements. Type 1 evaluates whether relevant controls are suitably designed at a particular date. Type 2 examines their design and operating effectiveness over a defined period.
An enterprise buyer may accept Type 1 temporarily, but many specifically request Type 2 because it provides evidence covering actual operations. Prior to commissioning an examination, confirm with the customer the report type, the required scope, and acceptable reporting dates.
The report type, scope, and dates drive both the plan and the budget, so write the answers down. Should the customer’s requirements be unclear, ask to see the exact wording in the contract or the security questionnaire.
The Observation Period Sets Your Timeline
A SOC 2 type 2 examination can’t be finished just by preparing documentation and booking an auditor. The organization must operate its relevant controls throughout the reporting period. That period may cover three months for an initial examination, while subsequent reports commonly examine longer periods.
Where your business needs to demonstrate access reviews, security training, or change approvals, those activities must happen, and be documented, during the applicable window. Work backward from the customer deadline to find out whether the requested report can realistically be delivered on time.
If the deadline is tighter than the observation period allows, tell the customer early. Some customers are willing to discuss interim steps, such as a dated plan, when they hear about the gap early.
Know What You’re Actually Buying
Although SOC 2 does not issue certificates, businesses frequently search for SOC 2 type 2 certification.
What you get is an attestation report from a licensed CPA firm that performs an independent examination against the applicable AICPA Trust Services Criteria. In the report you’ll find a description of the assessed system, relevant controls, testing procedures, and the auditor’s opinion.
Often under a confidentiality agreement, that document is what customers typically review. A SOC type 2 report also relates to a specific historical period. Assurance about every change made afterward isn’t automatically included.
Count the Costs Before You Start
SOC 2 preparation involves more than an independent examination fee. Businesses may need assistance developing policies, conducting risk assessments, preparing evidence, training employees, and arranging security testing.
For businesses with up to 50 employees, Siege Cyber advertises a SOC 2 compliance package at AUD $2,750 per month, excluding GST, over twelve months. To be covered by the advertised offer, eligible contracts must be signed by December 31, 2026. Included in its package are compliance preparation, training, a compliance platform, and external penetration testing.
The independent CPA examination is billed separately, with Siege Cyber indicating typical fees of approximately AUD 5,000–15,000, depending on scope and complexity. Check current pricing, eligibility, and deliverables before you commit.
What If Your Report Is Already Outdated?
Imagine a customer requesting assurance in October when your Type 2 report covers January through June. The report doesn’t look at the months in between. Some customers may accept a management-issued bridge letter describing relevant changes since the reporting period ended.
Acceptance depends on the customer’s requirements, however, and a bridge letter does not replace an independent examination. Raise reporting gaps early instead of assuming an older report will satisfy procurement.
Get More From Your Compliance Investment Than One Contract
Siege Cyber provides Australian-based SOC 2 readiness support with fixed-price consulting packages and independent audit coordination. The most useful approach for growing software companies is to connect compliance preparation with actual operational responsibilities.
Assign control owners, maintain security records, and establish a reporting schedule that supports future customer reviews. A successful SOC 2 project should leave your business better prepared for the next enterprise opportunity, not simply help it respond to the current request.
Keeping the evidence you collect organized from the start also makes the next audit cycle less of a scramble. Regular reviews of responsibilities and schedules help controls keep operating between audits.