SOC 1 (System and Organization Controls 1) is a rigorous compliance standard designed to assess the controls in place at a service organization that are relevant to financial reporting. This audit is crucial for organizations that impact their clients' financial reporting, ensuring that their systems and processes adhere to standards that safeguard financial data. SOC 1 is often required in industries like financial services, payroll, healthcare, and any organization that handles financial transactions or reporting for its clients. The audit helps organizations build trust by validating their control environment, ensuring their systems are robust, secure, and meet industry-specific requirements for financial data integrity.
Watch our expert video to discover how AuditVisor delivers comprehensive SOC 1 (System and Organization Controls 1) services. Gain insights into our process of evaluating and certifying financial and data controls, ensuring compliance and trust for your organization. See how AuditVisor’s tailored SOC 1 solutions help mitigate risks and build client confidence with rigorous standards and thorough assessments.
Focuses on the systems and controls that impact financial reporting and transactions.
Ensures that transactions are processed completely, accurately, and timely.
Identifies potential risks to financial data and reporting accuracy.
Ensures that your financial systems comply with relevant industry regulations and standards.
OPTION 1: On-Site Fieldwork
We will provide you with an itinerary of our on-site visit in advance and work closely with you to make sure the fieldwork runs smoothly. During this time, we'll conduct thorough walkthroughs, assess control effectiveness through testing procedures, gather necessary documentation for review, and more - all while keeping timeliness top of mind. Once completed, we’ll present the initial results during a final exit interview session so that there is clarity around the next steps needed to generate your SOC report. Our aim is 90-95% completion at the end of site visits; ensuring accuracy as well as timely delivery!
OPTION 2:Auditing just got easier - AuditSimple streamlines the process, leveraging technology to provide a virtual audit engagement solution that saves time and effort. Using minimal hardware requirements paired with collaborative software and cameras, we can confidently complete audits in real-time. Additionally, our secure server network provides us with access to required databases used during an audit process; this eliminates manual procedures or lengthy processing times associated with manual processes saving us a considerable amount of time during auditing engagements as well as unnecessary travel time.
What happens?
We define the boundaries of the audit by identifying the systems and controls that impact financial reporting. The scoping phase ensures that the audit focuses only on relevant financial systems, avoiding unnecessary complexity.
How AuditVisor helps:
Expert Guidance: Our team works closely with your organization to determine which controls are critical for financial reporting, streamlining the audit process to focus on high-risk areas.
What happens?
We assess the risks related to financial reporting and data integrity, identifying vulnerabilities that could impact your financial controls. This phase helps prioritize the most critical threats to your organization’s financial systems.
How AuditVisor helps:
Prioritization: We help you prioritize risks by focusing on those that have the greatest potential impact on financial reporting, ensuring your audit addresses the most significant threats.
What happens?
The core of the SOC 1 audit involves testing your internal controls to ensure they are functioning effectively and in alignment with financial reporting requirements.
How AuditVisor helps:
Efficiency Improvements: Our team works to optimize your financial controls, automating processes where appropriate to increase accuracy and reduce the chance of errors.
What happens?
At the conclusion of the audit, we provide a detailed report summarizing your compliance status. This report is critical for demonstrating your organization’s adherence to financial reporting standards to clients and stakeholders.
How AuditVisor helps:
Stakeholder Communication: We make sure the report is understandable for both financial and non-financial stakeholders, helping you communicate your compliance efforts effectively.
SOC 1 compliance assures your clients that their financial data is being handled securely and in compliance with industry standards, fostering trust.
How AuditVisor helps: We guide you through the SOC 1 process and help you communicate the importance of compliance to your clients, showcasing your commitment to financial integrity.
SOC 1 compliance helps minimize the risk of financial reporting errors, ensuring that your organization’s financial systems are reliable and accurate.
How AuditVisor helps: We identify and mitigate risks to your financial reporting systems, providing you with a solid foundation to reduce vulnerabilities and improve data accuracy.
Being SOC 1 compliant sets you apart from competitors by demonstrating your dedication to maintaining high standards for financial reporting.
Many clients require SOC 1 certification before engaging with service providers. Achieving SOC 1 compliance streamlines the client audit process, making it easier to onboard new clients.
AuditVisor is a licensed CPA firm registered in Florida and Montana, ensuring our adherence to the highest ethical and professional standards.
Our team has extensive experience conducting SOC 1 audits for organizations across a variety of industries. We bring trusted expertise to help you navigate the SOC 1 process with ease.
AuditVisor tailors the audit to your specific financial systems and business needs, ensuring an efficient and effective audit process.
We don’t just stop at certification. AuditVisor provides ongoing support to help you maintain compliance and adapt to changing financial reporting standards.
There are two types of SOC 1 reports:
The cost of a SOC 1 Audit varies depending on factors such as the size of the organization, the complexity of the controls, and the scope of the audit. At AuditVisor, we offer a tailored scoping process to ensure that the audit cost aligns with your specific needs. Contact us for a personalized quote.
Yes, only a licensed CPA firm like AuditVisor is authorized to conduct a SOC 1 Audit and issue an official report. Engaging an experienced CPA firm ensures the audit is conducted in compliance with the standards set by the AICPA.
The scoping process involves identifying the key systems, processes, and controls that need to be audited. At AuditVisor, we work closely with your team to understand your specific business needs and risks, ensuring that the audit focuses on the relevant areas while minimizing disruption to your operations.
The duration of a SOC 1 Audit depends on the complexity of your organization’s controls and the type of report (Type I or Type II). Type I audits are usually quicker, taking a few weeks, while Type II audits require more time, typically spanning several months to cover the entire audit period.
Yes, AuditVisor offers integrated audit services, allowing you to combine your SOC 1 Audit with other compliance frameworks such as SOC 2, ISO, or HIPAA, depending on your organization’s needs. This approach helps reduce redundancy and saves time and costs.
Ensure your organization is operating with the highest standards of trust and compliance. Contact us today to schedule your SOC 1 audit.
Florida, USA
AUDITVISOR LLC
1007 N FEDERAL HWY F2
Fort Lauderdale FL, 33304 United States