The goal of a SOC 1 ICFR report is to provide an independent third-party opinion of the internal controls that may affect a user entity’s financial reporting. The report is designed to provide comfort to the organization’s users and the users’ auditors regarding the controls in place at the organization.
Service Organizations: Internal Controls Over Financial Reporting (ICFR)
In some cases, clients might have a request to complete a SOC 1 report even though they do not impact their client’s financial reporting or conduct transaction processing operations. In such cases, perhaps a SOC 1 ICFR is the appropriate report for the service organization.
SOC 1 ICFR Control Objectives
The control objectives monitored include the following:
- Risk Assessment
- Physical Security
- Monitoring
- Logical Access/Security
- Change Management
- Backup and Recovery
Your Trusted SOC 1 Partner
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