SOC 1
Ensuring Excellence for Internal Controls Relevant to Financial Reporting
What is SOC 1?
SOC 1 reports, as defined by the AICPA, evaluate controls that impact financial reporting. These reports are invaluable for user entities seeking assurance that their service providers maintain effective financial controls. SOC 1 reports come in two types:
Type 1
Assesses the design and implementation of controls at a specific point in time, ensuring the foundational elements of controls are sound.
Type 2
Evaluates both the design and operational effectiveness of controls over a reporting period (usually 6–12 months), providing insight into how controls perform consistently over time.
Key Control Areas
Our SOC 1 consulting includes a comprehensive review of essential control areas that impact financial reporting accuracy and integrity. Key areas include:
Control Environment
We assess governance, risk management, and organizational structure, ensuring clear roles and responsibilities, robust policies, and effective oversight of third parties.
Information Technology
 We focus on data integrity, system security, and IT general controls, including backups, data retention, and changing management processes.
Business Processes
We examine transaction workflows for completeness and accuracy, ensuring that financial data remains reliable and consistent.
Change Management
Controls over changes to systems, applications, and databases are reviewed to ensure updates are documented, tested, and authorized.
Logical Access
We assess controls around user access management to restrict system access to only authorized personnel.
Physical Security
We evaluate safeguards for protecting assets and sensitive data, including access controls, surveillance, and environmental controls.
We use a structured, detailed process to prepare your organization for SOC 1 compliance, focusing on minimizing risk while maximizing control effectiveness.
We begin by fully understanding your business needs and operational structure, enabling us to:
Define the scope of the SOC 1 audit, pinpointing areas most relevant to financial reporting.
Develop a tailored assessment plan, targeting specific control objectives and areas.
Collaborate to create a request list, outlining documentation and evidence requirements for the audit.
Our assessment process involves an in-depth review and testing of controls to verify design and operational effectiveness:
Design Assessment:Â We examine whether controls are appropriately designed to mitigate financial reporting risks, reviewing policies, procedures, and technical configurations.
Operational Testing:Â For Type 2 assessments, we perform sampling and testing over the audit period to ensure controls operate as intended. Testing includes inspecting evidence and interviewing control owners to validate adherence.
Following testing, we provide a detailed gap analysis identifying control weaknesses or potential improvements. Our findings include:
Gap Documentation: A clear outline of areas where control design or implementation may need enhancement.
Actionable Recommendations: Practical guidance on remediating control gaps to meet SOC 1 standards.
We offer a thorough report that includes a SOC 1 gap analysis with insights into areas for improvement and strategies for maintaining compliance. If necessary, we also provide ongoing support to help maintain a compliant control environment.
We use a structured, detailed process to prepare your organization for SOC 1 compliance, focusing on minimizing risk while maximizing control effectiveness.
We begin by fully understanding your business needs and operational structure, enabling us to:
Define the scope of the SOC 1 audit, pinpointing areas most relevant to financial reporting.
Develop a tailored assessment plan, targeting specific control objectives and areas.
Collaborate to create a request list, outlining documentation and evidence requirements for the audit.
Our assessment process involves an in-depth review and testing of controls to verify design and operational effectiveness:
Design Assessment:Â We examine whether controls are appropriately designed to mitigate financial reporting risks, reviewing policies, procedures, and technical configurations.
Operational Testing:Â For Type 2 assessments, we perform sampling and testing over the audit period to ensure controls operate as intended. Testing includes inspecting evidence and interviewing control owners to validate adherence.
Following testing, we provide a detailed gap analysis identifying control weaknesses or potential improvements. Our findings include:
Gap Documentation: A clear outline of areas where control design or implementation may need enhancement.
Actionable Recommendations: Practical guidance on remediating control gaps to meet SOC 1 standards.
We offer a thorough report that includes a SOC 1 gap analysis with insights into areas for improvement and strategies for maintaining compliance. If necessary, we also provide ongoing support to help maintain a compliant control environment.
Benefits of Our SOC 1 Consulting Services
Deep Expertise
- Our team has extensive experience across various industries, helping organizations achieve SOC 1 compliance through an efficient, risk-focused approach.
- We staff IT Audit and accounting experts to drive effective audits and engagements.
Enhanced Efficiency
By guiding you through scoping, testing, and reporting with precision, we streamline your path to SOC 1 readiness.
We are available to answer questions, support in meetings, speak with auditors, etc.
Proactive Risk Mitigation
Our services are designed to proactively identify and resolve control weaknesses before they impact financial reporting.
Competitive Advantage
Achieving SOC 1 offers clear evidence of your commitment to robust internal controls, building trust with clients and partners.
Customer Assurance
Our detailed, high-quality SOC 1 assessments enhance confidence in your organization’s commitment to maintaining strong financial controls.
Why Choose Us?
Experienced Team
Our professionals have specialized expertise in SOC 1 audits and controls for financial reporting across various industries, including technology, finance, and healthcare.
Customized Service
We offer tailored assessments that align with your organization’s specific operations and control the environment, ensuring relevant and effective compliance strategies.
End-to-End Support
From readiness assessments to final reporting, we guide you at every step of the SOC 1 process.
Commitment to Continuous Improvement
Our recommendations focus on practical steps to strengthen your control environment, ensuring sustained compliance and improved operational resilience.
Ensure the integrity of your financial reporting processes relevant to your user entities and prepare for a SOC 1 audit with our SOC 1 consulting services. Contact us today to start your journey towards SOC 1 compliance and operational excellence.