Skoda Minotti provides an affordable, efficient approach to SOC 1 (previously SSAE 18) compliance. We bring Big 4 expertise – without the expense – to clients ranging from small private firms to Fortune 500 companies. Our audit specialists will design a customized process to help your organization benchmark and compare internal controls against industry best practices. We also specialize in assisting with first-time compliance.
Understanding SOC 1
SOC 1 is an internationally recognized third-party assurance audit designed for service organizations that replaced SAS 70 in 2011. Service organizations that impact their clients’ internal controls over financial reporting should consider a SOC 1 report to meet customer requirements. If security, confidentiality, availability or processing integrity is a critical concern, a SOC 2 report may be the more appropriate standard.
Benefits of a SOC 1 report
SOC 1 provides service organizations benchmarks for comparing their internal controls with industry best practices. In addition to having a vetted independent third-party review of your organization, additional benefits include:
SOC 1 Examination Services:
SOC 1 Type II: Earn the highest level of assurance for SOC 1. Type 2 reports not only evaluate the design of controls but include testing to illustrate the operating effectiveness of your controls over a period of time.