Your software product has passed the technical evaluation, pricing discussions are complete, and an enterprise customer is ready to proceed. Then procurement requests your latest SOC 2 report. You don’t have one.
This situation creates an immediate challenge for Australian SaaS companies entering larger markets. Security assurance takes time, and a rushed, wrong assessment may not satisfy the customer’s requirements. The solution begins with understanding what the buyer expects and planning backward from the deadline.
The calm first step is to establish exactly what was asked for and the date it’s needed. It’s worth asking before assuming, since the request sometimes leaves more room than it first appears.
Know Which SOC 2 Report the Buyer Is Asking For
Not every SOC 2 report provides the same level of assurance. Knowing the distinction between SOC 2 type 1 vs type 2 matters when you respond to enterprise security requirements. Whether relevant controls are suitably designed at a particular date is what Type 1 evaluates. Over a defined period, Type 2 examines both their design and their operating effectiveness.
An enterprise buyer may accept Type 1 temporarily, but many specifically request Type 2 because it provides evidence covering actual operations. Confirm the report type, required scope, and acceptable reporting dates with the customer before commissioning an examination.
Write the answers down, since the report type, scope, and dates all drive the plan and the budget. When it’s unclear what the customer requires, ask for the exact wording in the contract or the security questionnaire.
Why the Observation Period Shapes Your Timeline
Preparing documentation and scheduling an auditor isn’t enough to complete a SOC 2 type 2 examination. The organization must operate its relevant controls throughout the reporting period. Subsequent reports commonly examine longer periods, but for an initial examination the period may cover three months.
If your business needs to demonstrate access reviews, security training, or change approvals, those activities must occur and be documented during the applicable window. Whether the requested report can realistically be delivered on time becomes clearer when you plan backward from a customer deadline.
When the deadline can’t be met within the observation period, say so to the customer early.
Know What You’re Actually Buying
Although SOC 2 does not issue certificates, businesses frequently search for SOC 2 type 2 certification.
A licensed CPA firm issues an attestation report after performing an independent examination against the applicable AICPA Trust Services Criteria. The assessed system, relevant controls, testing procedures, and the auditor’s opinion are all described in the report.
That document is what customers typically review, often under a confidentiality agreement. A SOC type 2 report also relates to a specific historical period. It doesn’t automatically give assurance about every change made afterward.
Costs to Know About Before You Begin
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. The advertised offer applies to eligible contracts 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. Before committing, confirm current pricing, eligibility, and deliverables.
What if Your Existing Report Is Out of Date?
Your Type 2 report might cover January through June, and then a customer requests assurance in October. The report does not examine the intervening months. A management-issued bridge letter describing relevant changes since the reporting period ended may be acceptable to some customers.
A bridge letter does not replace an independent examination, and acceptance depends on the customer’s requirements. Rather than assuming an older report will satisfy procurement, discuss reporting gaps early.
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. Growing software companies get the most from connecting compliance preparation with actual operational responsibilities.
Establish a reporting schedule that supports future customer reviews, assign control owners, and maintain security records. Leaving your business better prepared for the next enterprise opportunity, not just answering the current request, is what a successful SOC 2 project should do.
The next audit cycle is less of a scramble when the evidence you collect has been kept organized from the start. Reviewing responsibilities and schedules at regular intervals helps controls keep operating between audits.