MaloneBailey's IT Audit Team comprises senior experts who have the "Big Four" accounting firms’ background, with extensive experience in IT audits and IT risk management consulting for leading enterprises across industries such as crypto, retail, TMT, and manufacturing. Our core team members hold globally recognized certifications, including CPA, CISA, and CIA, enabling us to deliver customized, international-standard IT service solutions.
SOC Readiness Service
SOC Report refers to a report issued by certified public accountants (CPAs) to verify service organizations' internal control effectiveness. SOC report is widely used by outsourcing enterprises to help clients assess risks and meet compliance requirements. Its main report types and evaluation standards are as follows:
- SOC 1: Focuses on financial reporting-related controls, evaluated against ICFR (Internal Control over Financial Reporting) requirements
- SOC 2: Focuses on operational and compliance controls, evaluated per AICPA’s five "Trust Services Criteria" (including security, availability, confidentiality, Processing Integrity & privacy)
SOC readiness refers to the process of preparing a service organization to undergo a SOC audit successfully, ensuring alignment with relevant standards and readiness for CPAs’ evaluation.
The SOC Readiness Solution streamlines audit preparation, mitigates compliance risks, optimizes resource usage, and strengthens organizational credibility, while ensuring alignment with relevant compliance requirements.
- Enhances credibility, strengthens market recognition, and elevates competitiveness.
- Accelerates audit preparation, streamlines the SOC audit process
- Ensures adherence to compliance requirements, supporting alignment with SOC standards and related regulatory frameworks
SOC Readiness Service prepares service organizations for SOC 1/2 audits by clarifying audit objectives and scope, identifying gaps between existing internal controls and SOC standards, designing and optimizing controls, detecting and remediating issues through mock tests, training staffs to standardize operations, and supporting efficient alignment with formal audits—ensuring successful completion and issuance of SOC 1/2 reports.
IT Internal Control Service
IT Internal Control Service refers to a systematic set of policies, procedures, and technologies implemented by organizations to manage IT-related risks, ensure data security, maintain system integrity, and achieve regulatory compliance (e.g., SOX, SOC). It encompasses areas like logical/ physical access control, data encryption, backup/recovery, change management, and continuous monitoring.
IT internal control service helps clients safeguard IT assets, prevent fraud/errors, optimize operations, and meet compliance requirements (e.g., SOX, SOC 1/2, ISO 27001) and standards (e.g., COBIT). It helps organizations mitigate cyber threats and build stakeholder trust through auditable governance frameworks.
Services offered:
- Risk Assessment & Gap Analysis: Identify vulnerabilities in IT systems, processes, and compliance frameworks (e.g., SOX, SOC 1/2, ISO 27001); Benchmark controls against industry standards (e.g., COBIT)
- Control Design & Implementation: Develop tailored IT governance policies (e.g., access controls, data encryption, change management)
- Continuous Monitoring & Improvement: Provide remediation plans for control weaknesses
- Training & Awareness: Educate staff on IT internal control’s best practices
IT Audit Outsourcing Service
The IT Audit Outsourcing Service provides specialized audits, internal control assessments, IT due diligence, data analysis, and SOC report review.
IT Audit Outsourcing Service brings value to organizations by the following benefits:
- Reduces costs by eliminating the need for dedicated internal IT audit teams
- Delivers professional expertise (CISA/CPA-certified)
- Improves efficiency by leveraging proven methodologies
- Mitigates risks through objective third-party evaluations of systems and processes
SOX Readiness Service
Sarbanes-Oxley Act (SOX) is a U.S. federal law designed to strengthen oversight of public companies and safeguard investors by requiring accurate and reliable financial disclosures. Section 404 of SOX sets stringent standards for financial reporting and internal control, focusing on Internal Control over Financial Reporting (ICFR).
SOX readiness refers to the preparatory activities a company undertakes to achieve SOX compliance. During this process, the company evaluates its financial processes, documents all relevant controls, tests the effectiveness, and remediates deficiencies to ensure alignment with SOX requirements.
SOX readiness enables enterprises to enhance financial reporting, operational efficiency, risk management, and data security:
- Enhances the reliability of financial reporting, strengthen investor confidence
- Optimizes business processes to improve operational performance
- Develops risk response strategies to mitigate potential losses arising from risk events
- Ensures the confidentiality, integrity, and availability of financial data, strengthening data security
Services offered:
MB Internal Control Service Team and MB IT Audit Team cooperate to deliver an integrated, SOX-ready solution. Our solution covers the following aspects:
- Conducts pre-assessment and gap analysis to identify control deficiencies
- Maps core business processes and documents key controls
- Evaluates control design and operating effectiveness
- Leverages best practices to recommend remediation actions and track implementation
- Assists in establishing SOX-compliant risk-assessment frameworks, interpreting regulatory updates and evaluating ICFR effectiveness
- Provides staff training to enhance control awareness and understanding
- Facilitates ongoing monitoring and post-implementation review
Additional Services Offered:
- Identify IT systems material to financial reporting
- Evaluate ITGCs across key domains: IT environment, access management, program change, system development, and computer operations
MaloneBailey is a market leader in serving Chinese companies listed on U.S. stock exchanges (Nasdaq and NYSE). Our team of auditors based in Beijing and Shenzhen possess the requisite skills in terms of language, technical, and cultural expertise to manage the intricacies of conducting audit work in China.
China Practice staff are natives of China and most are educated and trained in the United States to be equipped with in-depth knowledge of PCAOB Auditing Standards, U.S. Generally Accepted Accounting Principles (GAAP), U.S. Generally Accepted Accounting Standards (GAAS), International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), SEC rules, IRS rules and more.
Audit and Assurance Services for Chinese Companies (SEC Reporting & Compliance)
- Initial audit for Chinese companies going public in the U.S. to become listed on the NASDAQ, NYSE or OTC via an IPO, De-SPAC or reverse merger
- Preparation of SEC reporting such as Form 10-K, Form 10-Q, Form 20F, Form S-1, Form 1-A, Form 1-K, 1-SA
- Preparation of U.S. GAAP financial statements
- Audit, accounting and consulting services for Chinese subsidiaries of U.S. companies
- Audits of Chinese subsidiaries of non-Chinese companies
- Annual interim reviews and audit work for Chinese companies listed on the U.S. stock exchanges
- Ongoing general accounting consulting services for Chinese companies using SEC and U.S. GAAP expertise
For additional information about how we can help you, please contact George Qin.