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Sarah Harvey / June 13, 2023
If you knew a hurricane or car accident was going to happen, wouldn’t you do your best to prepare for it? You’d want to know every detail of its likelihood so your plan of action would prevent as much damage as possible. The same principle applies to information security breaches - that’s why it’s important for your organization to be aware of and remediate common security gaps so you can…
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Joseph Kirkpatrick / April 12, 2023
What is a SOC 1 Audit and Why Do You Need One? Often times, clients might ask you to complete a SOC 1 audit, which might leave you asking, "What is a SOC 1 audit? Why does my organization need one?" If your organization has the ability to impact your customers’ internal controls over financial reporting (ICFR), then you’re likely to be asked by those customers to undergo a SOC…
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Joseph Kirkpatrick / April 12, 2023
How Do You Know the Difference Between SOC 1 Type I and SOC 1 Type II? When you begin thinking about pursuing SOC 1 compliance, you’ll have the option of choosing a Type I or Type II audit. While both of these audits assess a service organization’s controls and processes that may impact their clients’ internal control over financial reporting (ICFR), the biggest difference between SOC 1 Type I and…
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Sarah Harvey / April 12, 2023
What is a SOC 1 Audit? The SOC 1 audit is based on an attestation standard developed by the American Institute of Certified Public Accountants (AICPA) to be used in the auditing of third-party service organizations, whose services are relevant to their clients’ impact over financial reporting. A SOC 1 Type I report is an attestation of controls at a service organization at a specific point in time. It reports on…
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Sarah Harvey / June 13, 2023
Most organizations outsource some aspect of their business to vendors, whether it’s to perform a specific, integral task or replace an entire business unit. Vendors can be in roles like customer support, financial technology, record storage, software development, or claims processing. Using vendors can further an organization’s business objectives, enable them to function more effectively, and may be more cost-efficient. With all these opportunities, organizations must remain aware of the…
