What is a SOC 1 Report?

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Auditwerx Blog What is a SOC 1 Report

A SOC 1 attestation can demonstrate to your current and future clients that your organization takes data security seriously. The SOC 1 report is designed to offer clarity for clients when your services may impact their financial statements.  

What is SOC 1 Compliance?

A SOC 1 certification demonstrates that your organization has effective controls and safeguards in place to protect sensitive business processes that could impact your client’s financial reporting, and the effectiveness of your organization’s IT general controls.  

Why Does My Organization Need a SOC 1?

Does your organization impact the financial reporting of your clients? Then you need to ensure that your organization is SOC 1 compliant. For example, if a company relies on an organization for payroll processing, they may want to see a SOC 1 report for reassurance regarding their operating effectiveness. A SOC 1 provides independent and actionable feedback to ensure that critical systems and data are properly protected. 

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Are There Different SOC 1 Types?

There are two different types of SOC 1 reports to consider. Your audit specialist can help work with you to determine which reporting type best suits your organization’s business needs. 

  1. SOC 1 Type 1 focuses on the service organization’s system, the suitability of controls for achieving control objectives, and the description of those controls as of a specific date. 
  2. SOC 1 Type 2 provides the same analysis and opinions that are in a SOC 1 Type 1, however, it also offers the auditor’s views on the capabilities of your controls over a specific period of time.

Auditwerx is Your SOC 1 Partner

When it comes to SOC 1, select a CPA firm that is a true partner. Our experienced team is here for you before, during, and after your audit. From scoping your organizational needs, to evidence gathering, to your final report, our full-service compliance auditing services will help make achieving your organization’s compliance goals simple. Contact a SOC 1 specialist today. 

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