SOC 1 Examination Services

The SOC 1 procedure looks into an organization’s security and business processes to see if there are any risks to users’ financial information.

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What is a SOC 1 report?

Created by the American Institute of CPAs (AICPA,) a SOC 1 (System and Organization Controls) report is designed to provide insightful information relevant to the User Entities’ Internal Control over Financial Reporting (ICFR).

Financial information is one of the most sensitive areas of an organization and the controls around those finances are crucial. The SOC 1 procedure looks into an organization’s security and business processes to see if there are any risks to users’ financial information.

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Benefits of getting a SOC 1 report

Validating your organization’s internal controls and processes, enhancing the organizations’ ability to deliver high-quality services.

Providing comfort over the risks related to financial information.

Helping build a sense of trust between your organization and your customers in addition to enhancing the ability to obtain and retain customers

Helping reduce multiple compliance burdens by providing a comprehensive report.

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How It Works

Let’s dive into the type of SOC 1 reports. It is vital for your organization to understand what type of reporting your business needs and/or what your customers expect to see.

Should the report be a point in time? Should the report cover a period of time? Or are you at a place where your organization just needs to get started?

Either way, our trained professionals at Insight Assurance are here to assist. Below is a high-level overview of the type of SOC 1 engagements available:

SOC 1 Readiness Assessment

Aims to support organizations looking to attain SOC 1 compliance. The Insight Assurance SOC 1 readiness process assesses the control environment against the AICPA’s SOC 1 requirements in order to identify GAPs in policies or procedures and provide you with a roadmap to an effective SOC 1 Type 1 examination.

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SOC 1 Type 1 report

Focuses on the effectiveness and design of procedures and internal controls which may affect financial reporting put in place by an organization at a certain point in time.

SOC 1 Type 2 report

Focuses on the effectiveness and design of procedures and internal controls which may affect financial reporting put in place by an organization throughout a certain time period. An examination period is typically anywhere between 3-12 months. It is recommended that organizations complete a type 1 assessment prior to beginning their type 2 report.

Why Insight Assurance?

• Founded and operated by former Big 4 professionals (Ernst & Young)
• Tailored audit approach
• Leadership involvement in every step of the audit
• 98.5% client retention rate with over 500 engagements completed
• Superior Communication
• Use of compliance automation tools

When selecting an audit firm, it is crucial to understand if they are well versed in this topic.

Here at Insight Assurance, our team consists of industry experts that can provide guidance from your scoping process all the way until you are certified.

So, is your organization ready to give comfort to your customers and clients all while reducing compliance burdens and having increased security practices in your environment? 

 

If so contact us today to further discuss how Insight Assurance can serve you.

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