A SOC1 Audit Report is referred to as a report on the Service Organization’s Internal Controls over Financial Reporting (ICFR). The audit for a SOC1 Attestation is conducted by an independent CPA firm. A Service Organization that receives SOC 1 Audit demonstrates your organization’s commitment towards maintaining the integrity of its controls, information technology, networks, and systems. A SOC1 Audit comes in two types namely SOC1 Type I & SOC1 Type II. So, while the SOC1 Type I report validates the design and implementation of internal controls at a Service Organization related to financial transactions, Type II validates the operational effectiveness of the internal controls designed and implemented by organizations. LEARN MORE ABOUT SOC1 Attestation
Understand your business operations, controls, and systems to define the scope that apply to your organization.
Assess your organization vis-à-vis the SOC1 standard to identify areas that need to be addressed.
Conduct a brief Awareness Training program on SOC1 for your organization.
Identify your critical information assets and accordingly classify them for creating a separate asset inventory.
Conduct a comprehensive Risk Assessment to identify weak areas and loopholes that could impact the business-critical assets of your organization.
Our experts rank the risks identified and accordingly help you strategize appropriate Risk Treatment measures.
Create the policy and procedure document set with inputs and validation acquired from your team.
Our process and Tech team will work in collaboration with your team to help you in the ISMS rollout.
User Training program for all personnel covered in scope on their specific responsibilities. We will provide your team with all the training documents.
After a reasonable gestation period, a separate team of experts conducts a Pre-assessment of your setup and measures implemented.
Once all controls are confirmed to be in place, our US-based CPA Auditor will audit your processes to confirm adherence to the SOC1 requirements.
If required we can extend our continual support by offering you Managed Compliance Services to help your organization stay certified.
SOC 1 Audit is essential for Service Organizations whose services impact user entities’ Internal Controls over Financial Reporting (ICFR). This would include Payroll processors, Medical claims processors, Loan servicing companies, Datacenter companies, and Software-as-a-Service (SaaS) companies that may impact the financials of their user entities.
SOC1 Audit cost for an average-sized company starts at $12000. Pricing for a SOC1 audit usually depends on several factors, including the Scope of SOC1 Audit, Types of Report, Business Applications, Technology Platforms, Number of Locations, etc. to be included in the audit, and other additional services.
On average it takes 8-12 weeks to complete a SOC1 Audit with reporting. However, the timeline also greatly depends on the time taken for implementing the remediation suggested in the gap analysis.
You will receive SOC1 reports documenting the details of the effectiveness of the Service Organization’s system and controls. The report will detail information about how your client information is maintained securely with all necessary controls in place. Additionally, we also provide a “Certificate of Compliance” that you can proudly show your clients and also hang on your office walls and conference rooms.
A SOC1 Report is only valid for a year or 12 months from the date of issue and as per the Industry Standard requirement, a SOC1 Audit must be performed annually, or after significant changes are introduced that may impact systems and control in an environment.