The internal controls put in place by your service organization are integral to internal compliance, security, and privacy. They inform many of your critical business functions, so it is important to ensure that proper compliance procedures are in place. While there is no formal SOC 1 checklist, we have some tips to help you get started.
Preparing for a SOC 1 Audit
Are you prepared for your SOC 1 audit? Do you know what your auditors will be looking for? If you are ready to start your SOC 1 compliance journey, we have the guidance you need to get started on the right foot by using this handy SOC 1 checklist.
- Define your company’s organizational structure.
- Ensure authorized employees have been tasked to implement secure policies.
- Implement a background screening procedure.
- Establish workplace conduct standards.
- Confirm that clients and employees understand their unique roles when using your systems or services.
- Communicate system changes to appropriate personnel in a timely manner.
- Know your risk – perform a formal assessment.
- Identify potential threats to your system or gaps in your security procedures.
- Analyze the significance of any risks associated with an identified threat.
- Develop mitigation strategies for any risks.
- Perform regular vendor management assessments.
- Develop policies and procedures related to controls.
- Perform an annual policy and procedure review.
- Ensure that your organization has physical and logical access controls in place.
Experienced SOC 1 Auditors
A checklist will never replace the expertise of an experienced auditing team when it comes to building trust and confidence with your clients. At Auditwerx, SOC reporting is what we do. Our SOC 1 partners have a minimum of 15 years of professional audit experience in both financial reporting and internal control auditing.
Contact us today and let us put our industry expertise to work to help you navigate the SOC process.
