SOC 1 - System and Organization Controls

SOC-1 safeguards your client’s financial reporting and builds a reliable process for your internal systems. This standard makes the system more reliable, secure and well-controlled. SOC 1 reports focus on how well your internal controls support accurate financial reporting. INTERCERT offers independent SOC 1 assessment and attestation for your organization to show that your systems are compliant and you can build client trust.

What is SOC 1?

AICPA developed SOC-1 framework to assess service providers who handle financial data for others. It helps verify that you’re managing that responsibility with the right controls in place.

It includes two types:

SOC 1 Type I – Looks at how your controls are designed at a specific moment.

SOC 1 Type II – Evaluates how well those controls work over a longer period.

How to Achieve SOC 1 Compliance?

Here’s a general overview of the key steps involved in achieving SOC 1 compliance:

Pre Assessment

Conduct an initial assessment to determine whether the current process meets the requirements of standards or frameworks.

Scope Identification

Identify the scope to understand inclusions and exclusions, which establishes boundaries, supports, goal achievement, and a clear path to achieving success.

Policy and Procedure Development

Ensures a streamlined workflow, aligning processes to achieve goals while maintaining efficiency and quality.

Technical Solutions Improvement and Implementation

Identify, develop, and implement solutions to meet requirements, improving and optimizing them to remain effective and aligned.

Training and Awareness

Provide training to boost skills, awareness, and understanding of handling tasks, managing risks, and applying the best methods to improve the process and requirements of the standard or framework requirements.

Audit And Assessment

Conduct an audit to examine compliance with standards or framework requirements and provide an assessment report that includes compliance evaluation and improvement areas.