Brief on SOC1 Advisory and Attestation

A SOC1 Audit Report is referred to as a report on the Service Organization’s Internal Controls over Financial Reporting (ICFR). The audit for a SOC1 Attestation is conducted by an independent CPA firm. A Service Organization that receives SOC 1 Audit demonstrates your organization’s commitment towards maintaining the integrity of its controls, information technology, networks, and systems. A SOC1 Audit comes in two types namely SOC1 Type I & SOC1 Type II. So, while the SOC1 Type I report validates the design and implementation of internal controls at a Service Organization related to financial transactions, Type II validates the operational effectiveness of the internal controls designed and implemented by organizations. LEARN MORE ABOUT SOC1 Attestation

Enquire

    Our Approach to SOC1 Advisory and Attestation

    Scope Definition
    Scope Definition

    Understand your business operations, controls, and systems to define the scope that apply to your organization.

    Gap Analysis
    Gap Analysis

    Assess your organization vis-à-vis the SOC1 standard to identify areas that need to be addressed.

    Awareness Training
    Awareness Training

    Conduct a brief Awareness Training program on SOC1 for your organization.

    Asset Inventory
    Asset Inventory

    Identify your critical information assets and accordingly classify them for creating a separate asset inventory.

    Risk Assessment
    Risk Assessment

    Conduct a comprehensive Risk Assessment to identify weak areas and loopholes that could impact the business-critical assets of your organization.

    Risk Treatment
    Risk Treatment

    Our experts rank the risks identified and accordingly help you strategize appropriate Risk Treatment measures.

    SOC1 Document Set
    SOC1 Document Set

    Create the policy and procedure document set with inputs and validation acquired from your team.

    Remediation support
    Remediation support

    Our process and Tech team will work in collaboration with your team to help you in the ISMS rollout.

    User Training
    User Training

    User Training program for all personnel covered in scope on their specific responsibilities. We will provide your team with all the training documents.

    Pre-assessment
    Pre-assessment

    After a reasonable gestation period, a separate team of experts conducts a Pre-assessment of your setup and measures implemented.

    Attestation
    Attestation

    Once all controls are confirmed to be in place, our US-based CPA Auditor will audit your processes to confirm adherence to the SOC1 requirements.

    Continual Support
    Continual Support

    If required we can extend our continual support by offering you Managed Compliance Services to help your organization stay certified.

    Benefits to work with vistainfsoec

    Why work with VISTA InfoSec?

    US Based – Our attestation is provided by our office in the US to ensure maximum accountability and market acceptability of our reports.
    Trusted Independent Auditors – Our auditors are a separate team based in the US (with good standing with the AICPA) with no relation with our Advisory team. Additionally, our Audit team has licensed CPA accreditation. The audit team is also supported by personnel having other relevant certifications such as CISA / CISSP, etc. with at least 12-15 years’ experience.
    Industry Expertise – With more than 100 assignments on SOC1, you have the assurance that you will get the best industry experts.
    Years of Experience – Your organization will benefit from our decade of industry experience and knowledge.
    End-to-end support – Our team will hand-hold you at every stage of the Compliance process including the design of controls and documentation as may be required.
    Robust security & risk management solution - We will provide you with a comprehensive solution, designed to meet your requirements
    Reports detailing the analysis finding - We will provide you documents detailing the findings of the analysis and provide relevant recommendations for the same.
    Bridge letter - As a part of our SOC1 Attestation services, when required, we can provide a bridge letter that details the internal control environment of your organization during the “gap period”, for your clients.
    Training videos and materials - We will provide you valuable training videos and materials for the ongoing training of your personnel.
    Frequently Asked Questions

    Frequently Asked Questions on SOC1 Advisory and Attestation

    SOC 1 Audit is essential for Service Organizations whose services impact user entities’ Internal Controls over Financial Reporting (ICFR). This would include Payroll processors, Medical claims processors, Loan servicing companies, Datacenter companies, and Software-as-a-Service (SaaS) companies that may impact the financials of their user entities.

    SOC1 Audit cost for an average-sized company starts at $12000. Pricing for a SOC1 audit usually depends on several factors, including the Scope of SOC1 Audit, Types of Report, Business Applications, Technology Platforms, Number of Locations, etc. to be included in the audit, and other additional services.

    On average it takes 8-12 weeks to complete a SOC1 Audit with reporting. However, the timeline also greatly depends on the time taken for implementing the remediation suggested in the gap analysis.

    You will receive SOC1 reports documenting the details of the effectiveness of the Service Organization’s system and controls. The report will detail information about how your client information is maintained securely with all necessary controls in place. Additionally, we also provide a “Certificate of Compliance” that you can proudly show your clients and also hang on your office walls and conference rooms.

    A SOC1 Report is only valid for a year or 12 months from the date of issue and as per the Industry Standard requirement, a SOC1 Audit must be performed annually, or after significant changes are introduced that may impact systems and control in an environment.

    Demonstrate your commitment to maintaining strong internal controls.
    Help you build a strong customer relationship with your clients.
    Streamlines your processes, controls, and improve your overall service.
    Differentiate your organization by demonstrating adherence to rigorous standards
    Helps maintain your brand reputation and prevents incidents of a breach.

    Discover our latest resources

    soc1 vs soc2 report
    SOC 1 Vs SOC 2 Report

    Which SOC Report Do I Need? As a service organization, you are familiar with audit requests from clients who are required to meet specific compliance and audit requirements. You have … Read More

    Read More
    what is soc1 report
    What is a SOC 1 Report?

    At VISTA InfoSec, we hear this very good question from the clients, “what is a SOC 1 report? “Today, with most organizations evolved to digitizing their businesses, we are currently … Read More

    Read More
    CPA Firm For SOC Attestation
    Do we need a CPA firm for SOC Attestation?

    Emerging technology and growing trends of outsourcing critical business operations to third-parties have greatly exposed businesses to Cyber Security threats and Compliance Risks. With this, global regulatory bodies have started placing … Read More

    Read More