Understanding Your SOC 1 Report: What is Scope?

by Joseph Kirkpatrick / December 20, 2022

So What Is Scope, Anyway? No matter what kind of data you’re protecting – financial information, cardholder data, ePHI – you need to understand where your assets reside and what controls are protecting them. This is why the scoping process is so important. If you don’t know where your data is, how do you plan to protect it? What is scope? How do you determine an accurate definition of scope?…

Understanding Your SOC 1 Report: What is a Gap Analysis?

by Joseph Kirkpatrick / December 19, 2022

A gap analysis is designed to prepare organizations for an audit. If it’s your first time going through an audit (SOC 1, SOC 2, PCI, HIPAA, HITRUST CSF, etc.), KirkpatrickPrice strongly recommends a gap analysis. This is a process of discovery, a chance to find areas of weakness, and an opportunity to gain industry insight. A gap analysis is not an audit. This process will examine your internal controls in…

Understanding Your SOC 1 Audit Report: What are Control Objectives?

by Joseph Kirkpatrick / December 19, 2022

What are Control Objectives and How are They Used in a SOC 1 Audit Report? A key aspect of a SOC 1 audit report is the concept of control objectives. Control objectives are a series of statements that address how risk is going to be effectively mitigated. According to the PCAOB, “A control objective provides a specific target against which to evaluate the effectiveness of controls. A control objective for…

Understanding Your SOC 1 Audit Report: What is an Assertion?

by Joseph Kirkpatrick / February 7, 2023

What is an Assertion? One of the things that management must provide to the auditor as part of a SOC 1 engagement is an assertion. What does that mean? What is an assertion? In our everyday life, an assertion is a confident statement of fact or belief. In the world of auditing, assertions are still confident statements of fact or belief, but with a twist. Assertions are claims made by…

Will I Pass a SOC 1 Audit? What if I Fail The Audit? Reasonable Assurance Explained

by Joseph Kirkpatrick / February 7, 2023

Organizations put valuable resources into completing SOC 1 audits: time, money, people, technology, and more. We know that often times, a SOC 1 audit can make it or break it for our clients’ business and we don’t take that lightly. When someone asks us, “Will I pass a SOC 1 audit? What if I fail the audit? What happens if I fail?”, we want to give them the best explanation…