SOC 1 Audit

How do you validate the security of your organization’s services? A SOC 1 engagement is an audit of the internal controls which a service organization has implemented to protect client data, specifically internal controls over financial reporting. SOC 1 is the standard used by CPAs during a SOC 1 engagement to evaluate, test, and report on the effectiveness of the service organization’s internal controls. The result? A SOC 1 report validating the organization’s commitment to delivering high quality, secure services to clients.

SOC 1 Audit

Why Work With KirkpatrickPrice?

As a licensed CPA firm, SOC 1 audits are one of our specialties. We deliver hundreds of SOC 1 reports per year and hold the Advanced SOC for Service Organizations certificate. KirkpatrickPrice Information Security Auditors are senior-level experts, holding certifications like CISSP, CISA, and CRISC, to help you maintain SOC 1 compliance.

Our audit delivery tool, the Online Audit Manager, streamlines the audit process, helps reduce the complexity of compliance efforts, and gives our clients the ability to combine multiple audit frameworks into one audit. We’ve spent over a decade honing this process so that clients can complete one audit process while receiving multiple reports.

Connect with us today to learn about the time it takes to complete a SOC 1 audit, understand the cost of receiving a SOC 1 report, and take part in a free demo of the Online Audit Manager.

SOC 1 FAQs

How much does a SOC 1 audit cost?

Pricing for a SOC 1 audit depends on scoping factors, including business applications, technology platforms, physical locations, third parties, and audit frequency. Pricing will also vary based on the report type you choose, inclusion of a gap analysis, or inclusion of additional remediation time.

How long does a SOC 1 audit take to complete?

The average SOC 1 audit, using KirkpatrickPrice’s process, is completed in 12 weeks. The engagement begins with scoping procedures, then moves into an onsite visit, evidence review, report writing, and concludes with the delivery of a SOC 1 report. This timeline is extended when a gap analysis must be performed or when remediation takes longer than expected.

What do I receive when my SOC 1 audit is complete?

A SOC 1 audit culminates in a SOC 1 report. The components and formatting of SOC 1 reports delivered by KirkpatrickPrice are based on guidelines provided by the AICPA and written by our in-house Professional Writing team. SOC 1 reports provide a service organization’s clients with documentation outlining their system and controls, demonstrating how client information is maintained in a secure manner, and aides clients in performing their evaluation of the effectiveness of controls that may require their administration.

How long is a SOC 1 report valid?

The opinion stated in a SOC 1 report is valid for twelve months following the date the SOC 1 report was issued.

How often does a SOC 1 audit need to be performed?

Industry standard is to schedule a SOC 1 audit (Type I or Type II) to be performed annually or when significant changes are made that will impact the control environment. Any frequency less than that will demonstrate a lack of commitment to compliance, plus it may cause distrust in the service organization’s systems.

Who is involved in a SOC 1 audit?

In every SOC 1 engagement, our Information Security Auditors are required by the AICPA to maintain communication with management and those charged with governance from the service organization. Other team members involved in the audit could come from anywhere in your organization, ranging range from human resources to development to compliance officers – anyone with the appropriate responsibilities for and knowledge of the matters concerned in the audit.

Click for More SOC 1 FAQs

What’s the difference between SOC 1 and SOC 2 audits?

What’s the difference between a SOC 1 Type I and Type II audit?

How can I prepare for a SOC 1 audit?

What is SSAE 18?

Who can perform SOC 1 audits?

What is a SOC 3 audit?

How Could a SOC 1 Report Benefit Your Organization?

Staying ahead in your industry comes down to one critical question – can your clients trust you? You may need a SOC 1 report because a client is requesting it. If that’s the case, then you’re in the right place. SOC 1 compliance affirms the security of your services and gives your organization the ability to provide clients with evidence from an auditor who has actually seen your internal controls in place and operating. SOC 1 compliance can help you gain a competitive advantage and client trust by maturing your practices and receiving third-party validation.

Undergoing a SOC 1 audit is also a way to be proactive in your information security and compliance efforts, which could be just what you need to stay ahead in your industry. SOC 1 compliance can help your organization maintain loyal clients and attract new ones, operate more efficiently, avoid fines for non-compliance or from breaches, and most importantly: assure clients that their sensitive data is protected.

SOC 1 Compliance Report

SOC 1 Resources

It can be tricky to know when you need a SOC 1 attestation or a different type of audit. Check out our SOC 1 resources to learn about the differences between SOC 1, SOC 2, and SOC 3 reports, as well as SOC 1 Type I vs. Type II.