SOC 1 Reports

A SOC 1 report provides an objective, unbiased attestation on services you provide to your customers that can impact your customer’s financial reporting. The audit examines the design and, depending on the report, operational effectiveness of your internal controls over financial reporting (ICFR).

SOC 1 reports suit solution providers, including payroll services, third-party administrators, record keepers, and companies that have custody over their customer’s sensitive information – especially those that process financial data. SOC 1 reports are often requested by your customers’ accounting departments or their auditors.

Benefits of a SOC 1 Audit

Provide confidence

SOC 1 reports are typically used by your customers and their auditors to evaluate the risks associated with outsourcing specific functions or processes, and to ensure that appropriate controls are in place to mitigate those risks. These reports help them assess the reliability of your internal controls related to financial reporting and can be beneficial in responding to specific inquiries from your customers and their auditors whether your system produces reliable information and processes data consistently.

Control framework insights

Enhance your security processes, risk mitigation efforts, and compliance obligations by understanding how to improve and maintain ICFRs. A SOC 1 audit provides an up-to-date review of your controls today and how they may evolve in the future and identifies any gaps or potential weaknesses in your control environment.

Streamline external audits

SOC 1 reports can provide assurance to financial statement auditors relying on processes performed by service organizations, without duplicating effort with their own audit procedures for selected business and IT processes. This reliance can reduce the time and cost associated with an external financial statement audit.

Why choose Sensiba?

We pride ourselves on our ability to understand the scope of the engagement before proceeding. This allows for our fixed-fee approach to SOC 1 audits that helps you achieve your reporting goals without expensive surprises. We’re a peer-reviewed CPA firm with SOC 1 auditors who maintain industry-recognized certifications, have expertise in numerous industries, and can appropriately apply requirements to your specific system and business processes.

With our SOC 1 Readiness methodology, we’ll help you evaluate and establish your control objectives, including defining the scope of your SOC 1 report to capture key controls and processes. As we collaborate to understand your business and how your system’s processes work, we can guide you through identifying the controls needed to satisfy the requirements of a SOC 1 report.

If your client base and compliance requirements span multiple industries, we can increase customer trust by completing SOC 1 and SOC 2 reports as a combined engagement. This blended, cost-effective approach offers testing efficiency and complete coverage as compared to requesting these audits separately.

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Getting Your First SOC 1 Report

SOC 1 reports are key for financial data security in vendor selection. Our guide helps you navigate getting your first SOC 1, including its importance, controls, and how it connects to SOC 2. Learn to streamline the process!

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