Why Skoda Minotti for your SOC 1 (SSAE18)

Achieve compliance and gain market share ▪ Stop redundant customer audits ▪ Partner with experts who understand your industry and the regulatory pressure you face

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:

  • Instant credibility
  • Third-party perception
  • Confirmation that controls, procedures and process are in place as management intends
  • Independent assessment of controls
  • Potential to grow market share
  • Reduction of third-party self-assessment questionnaires
  • One audit report can satisfy multiple customers

SOC 1 Examination Services:

  • SOC 1 Readiness Assessment: Preparing for your first SOC 1 (SSAE 18) audit? This is where we’ll start. Skoda Minotti Risk Advisory Services conducts readiness assessments for organizations that are new to SOC 1 (SSAE 18).
  • SOC 1 Transition Services: Ensure compliance with new SSAE 18 requirements as you move from SSAE 18 compliance to this updated standard.
  • SOC 1 Type I: You have policies and procedures in place, but need to gain a better understanding of SOC 1. A Type 1 engagement prepares an organization for the Type II report, and provides an assurance report on the design of internal controls as of a specified date.

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.

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