SOC 1 Audit
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.
A SOC 1 audit provides reasonable assurance to your publicly traded clients and their auditors that you have implemented effective internal controls over financial reporting.
“KirkpatrickPrice has made the audit process more efficient with the tools and partnership mentality that they bring to the table.”
– Director of Security, Compliance, and Technology, Connectria Hosting
Expertise is one of the best things we’ve gotten out of working with KirkpatrickPrice. Their auditors have been helpful in navigating through the audit and beyond. They’ve made themselves available as resources to assess the impact of changes to our controls and infrastructure.
– Security and Compliance Manager, CBOSS
Every time I leave an engagement with the KirkpatrickPrice team, I leave enlightened and it helps our organization mature towards the point we know we should be.
– CISO and VP of Cloud Operations, Health Catalyst
Whether you’ve never been through an audit or completed hundreds, our experts will prepare and empower you to successfully start and complete your audit. With access to our free compliance platform, you can watch videos, run security scans, see what you’re missing, prepare documentation, and get access to experts and resources. When you’re ready, you use the same platform to complete your audit. You don’t need additional tools or vendors to complete the audit.
Our security experts have been in your shoes and know how overwhelming audits can be. Your dedicated specialist will walk you through the entire process from audit readiness to final report.
Audits are complicated, but we make sure it’s worth it. By the end of the process, you will be proud of the work you did and know that it will make a difference in gaining new clients, staying compliant, and protecting your organization. Your professionally written report will give you usable information that is easy to understand and demonstrates your success to your clients.
Starting an audit is overwhelming.
Our Audit Readiness Guide will tell you what you need to know.
You know you need an audit, but don’t know what to expect or how to get started. This guide will tell you exactly what will be tested and how to start your compliance journey.
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SOC 1 FAQs
What is a SOC 1 audit?
A SOC 1 audit is an engagement at a service organization related to internal control over financial reporting (ICFR). SOC 1 audit standard were developed by the AICPA and follow the Statement on Standards for Attestation Engagements No. 18 (SSAE 18).
How much does a SOC 1 audit cost?
Pricing for a SOC 1 audit depends on scoping factors, including the degree to which your services impact your client’s financial reporting, your business applications interacting with financial data, technology platforms and personnel impacting the security of client data, 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 support.
How long does a SOC 1 audit take to complete?
The average SOC 1 audit can take anywhere from weeks to months, depending on your level of preparedness and staff’s availability for interviews and control demonstration. To satisfy the AICPA requirements for an engagement, the auditor must validate scope, perform testing procedures, and document conclusions. These steps require time from the service organization’s management, which can be compressed or extended to meet your timeline needs. You can save time by leveraging the Online Audit Manager to maintain the audit evidence you need for compliance.
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 an independent opinion, a description of your services and controls, and in the case of a SOC 1 Type II report, details on the testing performed to determine operating effectiveness.
How long is a SOC 1 report valid?
SOC 1 reports represent your controls from a period of time in the past. Typically, your clients will not accept a report issued more than 12 months ago because they want your testing to be relevant for their own audit period.
How often does a SOC 1 audit need to be performed?
A SOC 1 Type I audit may be performed initially but then replaced with a subsequent SOC 1 Type II audit. Because the Type II report covers a period of time in the past, it is recommended that you perform a new engagement that picks up at the date of your last period. Maintaining an audit process that covers each fiscal year will demonstrate a commitment to compliance and ongoing testing of controls, which ultimately contributes to the health of your organization.
Who is involved in a SOC 1 audit?
In every SOC 1 engagement, the Auditor is 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.
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