by
Joseph Kirkpatrick / February 15, 2023
What Types of Risk Impact SOC 1 and SOC 2 Audits? SOC 1 and SOC 2 audits are largely impacted by various types of risk. During a SOC 1 and SOC 2 audit, an auditor will be focused on limiting the following types of risk: audit risk, control risk, and detection risk. So, how are those risks different? How to they affect an auditor while performing SOC 1 or SOC…
by
Joseph Kirkpatrick / February 15, 2023
During the initial scoping phases of an organization’s audit engagement, your auditor will partner with you to help you narrow down the third-party vendors to be included in your engagement. In order to ensure that your organization’s security posture is and remains strong, you need to consider the impact that the third-party vendors you’ve entrusted sensitive data with could have on your organization. This means that you’ll need to be…
by
Joseph Kirkpatrick / February 15, 2023
Do You Need a Gap Analysis? If it’s your first time pursuing compliance for any framework - whether it’s SOC 1, SOC 2, PCI DSS, HIPAA, GDPR, etc. – we strongly recommend beginning your engagement with a gap analysis. At KirkpatrickPrice, we’re committed to helping our clients get the most out of their audit, which means that we don’t want you to fail due to lack of preparation. That’s why…
by
Joseph Kirkpatrick / February 15, 2023
What are Control Objectives? Control objectives are statements that address how risk is going to be effectively managed by an organization, and your auditor will be validating whether or not your organization meets these control objectives during a SOC 1 audit. The AICPA requires that the description of the service organization's systems includes specific control objectives and controls designed to achieve those objectives, and control objectives are typically presented in…
by
Joseph Kirkpatrick / February 15, 2023
What is Management's Written Assertion? At the beginning stages of the SOC 1 or SOC 2 audit process, an organization will be asked to provide management's written assertion to their auditor. This assertion lays the foundation for the audit because it is a written claim by an organization describing their systems and what it is their services are expected to accomplish for the organizations they do business with. It tells…
