Inspire Customer Confidence and Trust With a SOC 1 Report
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.
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Contact us today and we can help determine which assurance service is the best fit for your situation.