What is a SOC 1 and Why Do I Need One? The Benefits of a SOC 1 Audit

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A Service Organization Control 1 (SOC 1) engagement is an audit of the internal controls (policies, procedures, and technologies) which a service provider has implemented to protect client data.

SOC 1 engagements are performed in accordance with the Statement on Standards for Attestation Engagements No. 18 (SSAE 18). SOC 1 reports were primarily designed to report on the controls of service organizations that are relevant to their client’s financial statements. SSAE 18 is intended to aid service organizations in eliminating potential errors to client information and ensuring efficiency in their controls. We most commonly perform a SOC 1 for small to medium-sized service providers who deliver managed services, application services, or any type of third party service.

We see many service organizations initially perform this audit because it’s something they’re required to do by a client or regulatory body. An audit can be costly, time-consuming, and confusing – we know. So when an audit is forced on an organization, it can create a negative outlook on the auditing process. This posture towards compliance makes organizations reluctant to give the audit their full effort or attention.

We believe that the best-kept industry secret to achieving compliance success is creating a culture of compliance within your organization. Compliance isn’t a quick fix to all of your security needs; it’s a constant cycle of improvement. Audits are healthy for any organization. They help you see how you can grow and mature. After two or three years of audits, our clients come to appreciate the benefits that an audit brings.

A SOC 1 audit has many benefits. This engagement verifies that your organization has the proper internal controls and processes in place to deliver high quality services to your clients. It also evaluates your policies and procedures, which are crucial to the operability of your organization. A SOC 1 audit assures clients that their sensitive data is protected, building trust between service providers and user organizations.

This engagement also removes the internal blinders that personnel have on, so they often can’t or don’t want to see vulnerabilities that an experience auditor does. Achieving attestation strengthens your environment and teaches you ways to mature your practices. It also gives you a competitive advantage by demonstrating your commitment to security.


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KirkpatrickPrice is a licensed CPA firm, PCI QSA, and a HITRUST CSF Assessor, registered with the PCAOB, providing assurance services to over 600 clients in more than 48 states, Canada, Asia, and Europe. The firm has over 12 years of experience in information security and compliance assurance by performing assessments, audits, and tests that strengthen information security and internal controls. KirkpatrickPrice most commonly provides advice on SOC 1, SOC 2, HIPAA, HITRUST CSF, PCI DSS, ISO 27001, FISMA, and CFPB frameworks.

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