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Joseph Kirkpatrick / April 5, 2023
If you’ve been asked to demonstrate SOC 1 compliance, you’ll need to determine what exactly is being asked of you. For example, do you need a SOC 1 Type I or SOC 1 Type II audit? Do you need both? Let’s take a look at the difference between a SOC 1 Type I and SOC 1 Type II audit and how you can determine which is most suitable for your…
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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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Joseph Kirkpatrick / April 5, 2023
Why is Sampling Used During an Audit? When an organization undergoes an audit, there’s often a large amount of internal controls that an auditor has to review. However, to make this process more efficient, auditors are likely to use sampling whenever the population being tested is uniform and there’s standards that are applied across the board. How Do Auditors Use Sampling? At KirkpatrickPrice, our auditors will sample a size of…
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Joseph Kirkpatrick / April 5, 2023
How Do Auditors Perform Tests of Controls? In order for an audit firm to be able to provide reasonable assurance and issue an opinion on an organization’s compliance with SOC 1 or SOC 2 audits, they have to test the internal controls that each organization has in place and verify that they are working as intended. To do this, auditors typically perform three types of tests of controls: interviews, reviews,…
