SOC 1 Audit Examinations Performed by Specialized and Experienced Auditors
A responsive team with strong experience in Type I and Type II SOC 1 examinations
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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.
What is the cost of a SOC 1 audit?
A SOC 1 audit costs, on average, $15,000 to $100,000, depending on a variety of factors that influence the fee associated with the audit. These factors include the scope and type of audit needed, the complexity of the organization’s IT and business process control environment, the associated risk of the organization’s services and data, the number of physical locations that need to be visited, the size of the organization, the number of business process control objectives, as well as the use of subservice cloud infrastructure organizations, among others. We prioritize providing an accurate, specific, and reliable quote before beginning the audit engagement, thereby greatly reducing the risk of increasing fees later on.
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.
|TYPE I||TYPE II|
|An independent report on the design of the controls at a service organization (i.e., does it describe what actually exists).||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 at a specific point in time.||Represents a service organization’s description of controls throughout a specified period.|
|Usually can be completed quickly, giving the service organization a report they can provide to their clients within as little as a few weeks.||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.
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.
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.
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.
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.
Big 4 IT Auditors
Our highly-experienced auditors simplify complex SOC 1 compliance requirements while delivering professional SOC 1 Audits in an efficient manner.
Why Choose Linford & Company LLP?
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.
At Linford & Company, we provide an experienced and responsive team with strong SOC 1 audit and compliance experience.
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.
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