A SOC 1 examines the internal controls at a service organization that impact a user entity’s internal control over financial reporting. This report is to be used only user organizations, the management of user entities, customers and clients as well as auditors.
Obtaining a SOC 1 report is the most effective way to demonstrate to your customers and their auditors that your internal control environment is mature. When a customer trusts you to provide a service that could have an impact on their financial reporting, they want independent validation that your organization shows due care and diligence to ensure your services will not impact them in a negative way. In fact, many companies and organizations are required to obtain a SOC 1 for compliance reasons.
The auditors of the service organization’s customers can use the SOC 1 report to gain an understanding of the internal controls of the organization. This allows for analysis and assessment of internal control risk for the purposes of planning and executing a comprehensive financial audit.
For more information regarding our SOC 1 reports and services, contact Holbrook & Manter and speak directly with a SOC 1 specialist today.
