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What is it?

System and Organizations Control (SOC) reports are globally recognized attestation reports that provide Organizations credibility and a competitive advantage in the marketplace. SOC reports are intended to provide transparency into the internal controls operated within a service organization to enable user entities to assess and address the risks associated with that service organization. SOC 1 (SSAE 18) Reports are intended to report on the internal controls at a Service Organization that are relevant to the user entities’ internal controls over financial reporting (ICFR). SOC 1 reports provide user entities with enhanced assurance that the controls that may affect their financial statements are implemented and operating effectively.

When completing a SOC 1 engagement, your Organization has the ability to define the Control Objectives relevant to the services provided as well as determine the period of time in which the report will cover.

Types of SOC 1 Reports

SOC 1 Type 1: A test of design to determine whether your controls are designed appropriately to achieve the desired control objectives as of a point in time.

SOC 1 Type 2: A test of operational effectiveness to determine whether your controls are both designed appropriately to achieve the desired control objectives and their operational effectiveness over a defined period of time.

Why do our client’s need help?

Whether your Organization offers payroll processing services or provides a Software as a Service (SaaS) offering, your clients need assurance that their transactions are being processed completely, accurately, and timely.

What we offer

RISCPoint’s team of compliance consultants can assist your organization from designing, selecting, and implementing controls through the completion and on-going maintenance of SOC Compliance.

Our tailored Third-Party advisory services include:

  • Workshops and Compliance Roadmap Development:
    • Overview of Third-Party Reporting Compliance Process
    • Boundary review and audit scoping
    • ROI identification and justification
    • Tailored educational sessions for key stakeholders and executives
    • Development of detailed roadmap for compliance
  • Gap assessments
    • Overview of Third-Party Reporting Compliance Process
    • Review of existing compliance documentation (Policies, procedures, process flows, etc.)
    • Identification of gaps in the current control implementation
    • Development of risk-ranked recommendations and future state roadmap
  • Flexible Enterprise Control Framework Development
    • Identification of existing controls and the development of leading practice controls that achieve compliance with multiple third-party attestation requirements
    • Remediation Assistance

Why work with us?

  • We employ a team of industry experts who have assisted a large number of governmental contractors or all sizes achieve authorization.
  • Our advisors have worked with and at some of the largest 3PAOs and bring the knowledge of what auditors, authorizing officials, and the authorization process.
  • Our wide partner network includes security software vendors, hosting providers, as well as security engineers – we will be your one-stop-shop for all your authorization needs.
  • We offer a wide range of security and compliance services and specialize in the development of enterprise-wise controls environments which will allow you to meet multiple standards and frameworks (FISMA, FedRAMP, SOC 1, SOC2, HITRUST, HIPAA, ISO 27001, and others) and minimize the time spent on audit and compliance works so you can focus on your day-to-day operations.

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