SOC 1 – SERVICE ORGANIZATION’S SYSTEM 1

SOC 1 compliance helps service organizations to secure their interaction, transmission, or storage of users’ financial records.

The SOC 1 Type 1 report focuses on the Service Organization’s System, the suitability of the system controls for achieving control objectives, and the description on a specified date. The report helps user entities, auditors, managers, and everyone associated with the service organization evaluate internal controls over financial reporting within guidelines laid out by the AICPA.

WHO CAN GET SOC 1 – SERVICE ORGANIZATION’S SYSTEM 1?
The report is performed for organizations that provide services to other entities, like registered investment advisors, loan servicers, payroll processing firms, trust departments, employee benefit or retirement plan operators, and other similar organizations.

BENEFITS OF SOC 1 – SERVICE ORGANIZATION’S SYSTEM 1

9
Verification of proper internal controls and processes to deliver high-quality services to clients.
9
Evaluation of policies and procedures crucial to operations.
9
Protecting users’ sensitive data and building trust between service providers and user organizations.
9
Removing the internal blinders by allowing experienced auditors to identify the vulnerabilities.
9
Strengthening the environment by adopting the best practices.
9
Gaining a competitive edge by demonstrating a higher commitment to security.