SOC 1 reports on your organization’s internal controls as they relate to your customers’ financial reporting. The report provides you and your customers with assurance that your internal controls over financial reporting are designed correctly and operating effectively to meet their objectives. Your client’s auditors can use your SOC 1 report to familiarize themselves with your system, which saves you and your clients time and money.
Completion of a SOC 1 audit can help you meet contractual obligations with existing customers and attract new customers by demonstrating your organization’s compliance with AICPA standards, which are considered the benchmark for internal controls in U.S. business. SOC 1 compliance differentiates your firm from your competitors and provides you with a competitive advantage in the marketplace.
SOC 1 also helps mature your internal controls and can help you manage organizational risk beyond what internal risk assessments and audits provide. SOC 1 audits can identify deficiencies in internal controls, pinpoint areas for improvement, and will strengthen your organization’s control environment.
With our strategic partner for Assurance Services, you can experience a unique Audit Once, Report Many methodology, allowing us to leverage other audits we have completed on your organization as evidence to complete your SOC 1 audit. This methodology streamlines communication and evidence collection to complete the audit as efficiently as possible.