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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…
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Sarah Harvey / June 13, 2023
If your customers rely on you to protect consumer information, chances are you may be asked to produce a SOC 1 audit report. A SOC 1 audit reports on the controls at an organization that are relevant to, or may affect, a client’s financial statements. This reporting framework is designed to demonstrate that an organization has proper internal controls and processes in place to address information security and compliance risks.…
