The goal of a SOC 1 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 ITFR is the appropriate report for the service organization.
SOC 1 ICFR Control Objectives
- Risk Assessment
- Physical Security
- Logical Access/Security
- Change Management
- Backup and Recovery
Your Trusted SOC 1 Partner
We are here to help you through the SOC 1 reporting process to gain your clients trust and confidence. Unlike most firms, Auditwerx is a true fixed fee firm. Our goal is to provide a service that will not only improve your operations, but also, result in a significant ROI. If you are ready to start the SOC 1 reporting process, contact us today.