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SOC 1 Auditing

System and Organization Controls 1

What is a SOC 1 compliance audit?

SOC 1 audits help an organization’s management and their auditors as they evaluate the effect of the organization’s controls on any user entity’s financial statement assertions. These reports are important components of an organization’s evaluation of their internal controls over financial reporting for purposes of compliance with laws and regulations, and for when their auditors plan and perform financial statement audits. SOC 1 audit engagements are performed under Statement on Standards for Attestation Engagements (SSAE) No. 18, Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting (AICPA, Attestation Standards, AT-C sec. 320), and the AICPA guide, Service Organizations Reporting on Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting.

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Do I need a Type I or Type II SOC 1 Audit?

Our team is well versed in Type I and Type II SOC 1 examinations, so we assist our clients in determining the correct type of audit needed.

SOC 1 Audit Type I

  • An independent report on the design of the controls at a service organization (i.e., does it describe what actually exists).
  • Represents a service organization’s description of controls at a specific point in time.
  • Usually can be completed quickly, giving the service organization a report they can provide to their clients within as little as a few weeks.

SOC 1 Audit Type II

  • An independent report on the design and operating effectiveness of key controls at a service organization (i.e., does it describe what actually exists, and do they achieve what they were intended to achieve).
  • Represents a service organization’s description of controls throughout a specified period.
  • There must be at least six months of auditable activity available as well as additional time in the audit procedures to complete testing of those control activities. Once the testing has been completed, the final report is issued to the service organization within a couple of weeks.

SOC 1 Audit Process

How does a SOC 1 audit engagement begin?

Our qualified auditors consult with management and others to gain a full understanding of the unique needs of each organization. Our auditors work closely with management to identify the organization’s control objectives that appropriately address the risks taken on by users of their system.

How will the audit affect our workplace environment?

It is our goal to provide the least amount of disruption to an organization’s productivity, while still gathering the important data needed to provide an accurate and complete SOC 1 examination.

When are the fees and timeline presented?

Once we understand the scope of work, we provide an accurate engagement fee estimate and timeline so you know what to expect and when. In this stage, we also deliver a to-do list to expedite the auditing process. We make every effort to meet all reporting deadlines.

What are the deliverables?

Once we have completed the examination, our auditors create a thorough and professional report of their findings. Reports are delivered to each organization digitally to expedite the process of sharing the report with clients and others. Our auditors also deliver recommendations to the organization for improving their processes and internal controls, if needed, to further solidify their compliance.

How does a SOC 1 audit work?

Throughout the audit process, we take the time to understand your service commitments, system requirements, infrastructure, software, data, and support team. Depending on the organization’s needs, our auditors will conduct onsite and/or virtual interviews and examinations.

Why Choose KEN& Co CPA LLC?

SOC Specialists

90% of our work consists of SOC compliance audits. We know exactly how to get you from engagement to SOC 1 compliant quickly and accurately, improving your internal controls along the way.

Top-Notch Service

At Ken & co, we provide an experienced and responsive team with strong SOC 1 audit and compliance experience.

Partner Involvement

We take pride in providing a high level of Partner involvement with each audit examination in an effort to further solidify our commitment to quality and efficiency.

Ready for a SOC 1 Assessment?

Fill out the form and we’ll put you in touch with one of our experienced auditors. Your contact information stays with us and is only used to talk with you about your SOC 1 audit—we do not sell or share your contact information with anyone.

Request a complimentary SOC 1 Consultation