SOC 1 Reports
As the basis for the System and Organization Controls (SOC) 1 report, the Statement on Standards for Attestation Engagements (SSAE) No. 18, assures your customers’ auditors that your service organization controls are well-designed and operating smoothly.
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What is the importance of SOC 1 Report?
A customer working with your service organization will routinely have their financial statements audited. A Statement on Standards for Attestations Engagements 18 (SSAE 18) Service Organization Control (SOC) 1 report performed by us will give your customer’s auditor the assurance that your service organization’s controls are designed and operating effectively, and that these controls do not negatively impact your customer’s financial statements.
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What are the types of SOC 1 Reports?
Two kinds of SSAE 18 audit reports: Type I and Type II.
Type I:
A Type 1 report states an opinion that your organization’s internal control system is designed suitability to achieve the related control objectives on a specified date.
Type II:
A Type II report contains the same information as a Type I report, but with the added testing of the controls to prove their operating effectiveness over a period of time. A Type II report describes the testing that is performed and the results of those tests.
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What are the Benefits of a SOC 1 Report?
Respect and trust regarding implemented internal controls are vital to customers who receive services from your organization.