5 Internal Control Components using COSO Principles

by Joseph Kirkpatrick / January 15, 2024

Implementing Internal Controls for SOC 1 Compliance When an organization pursues SOC 1 compliance, they‚Äôll be tested against the COSO Internal Control ‚Äď Integrated Framework. This framework is one of the most common frameworks used to design, implement, maintain, and evaluate internal controls. For an organization to successfully complete a SOC 1 audit, they‚Äôll need to meet the three objectives of internal control, demonstrate that they have the five components…

What is an Audit Scope?

by Joseph Kirkpatrick / December 29, 2023

What is an Audit Scope and How Does it Impact an Audit? Knowing where your assets reside and which controls apply to them are critical for any organization. Why? This is the only way you can manage and secure them from a potential data breach or security incident. During the initial phases of a SOC 1 or SOC 2 audit, an auditor will walk you through defining the scope of…

3 Objectives of the COSO Framework and SOC 1

by Joseph Kirkpatrick / April 5, 2023

SOC 1 and the COSO Framework If you‚Äôre new to the SOC 1 audit process, you might be wondering what framework is used to evaluate the effectiveness of internal controls. This would be the Committee of Sponsoring Organizations of the Treadway Commission, or COSO Internal Control ‚Äď Integrated Framework. This framework is one of the most common frameworks used to design, implement, maintain, and evaluate internal controls. It outlines three…

What is a SOC 1 Report?

by Sarah Harvey / April 12, 2023

What is a SOC 1 Report? Once you‚Äôve made it through the evidence gathering portion of the SOC 1 audit process, our specialized team of professional writers will take the information gathered by our auditors and provided by you in our Online Audit Manager to create a final SOC 1 report. What is a SOC 1 report? It is a report that is based on the Statement on Standards for…

Explaining Audit Periods

by Sarah Harvey / February 15, 2023

The Difference Between SOC 1 Type I and Type II: The Audit Period While SOC 1 Type I audit engagements evaluate a service organization‚Äôs internal controls that could impact their user organizations‚Äô internal control over financial reporting (ICFR) at a specific point in time, a SOC 1 Type II audit evaluates a service organization‚Äôs internal controls that could impact their user organizations‚Äô internal control over financial reporting (ICFR) over a…