SOC 1 Reports
What is a SOC 1 report?
SOC 1 Reports on Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting. SOC 1 reports are examination engagements performed by a service auditor (CPA) in accordance with Statement on Standards for Attestation Engagements (SSAE) 18 (AT-C, Section 320), Reporting on Controls at a Service Organization, to report on controls at a service organization that are likely to be relevant to an audit of a user entity’s financial statements. Use of a SOC 1 report is restricted to existing user entities (not potential customers) and their auditors. There are two types of SOC 1 reports:
Type 1 – A report on management’s description of the service organization’s system and the suitability of the design of the controls;
Type 2 – A report on management’s description of the service organization’s system and the suitability of the design and operating effectiveness of the controls.
Why should you pick Arnett Carbis Toothman LLP (ACT) to perform your SOC 1 Audit?
ACT performs Servicer and Information Technology-based Audits for a significant range of clients across the United States, including:
- Private and Publicly Traded Entities
- Employee Benefit Daily Record Keeping
- Disability Claims Management and Processing
- Health Benefits Third Party Administration
- Transaction and Mail Processing
- Lottery / Gaming
The CPA Advantage
CPAs skills include competence in management principles and business processes and an understanding of proper controls.
Our wealth of experience allows you to feel comfortable knowing the most significant area of your business, your controls, are being examined by professionals with the expertise to assess your system description and controls. Our teams are results-driven and seek long-term solutions to the challenges facing businesses today.
For more information, contact your Arnett Carbis Toothman advisor or one of these trusted advisors.