What is a SOC 1 Report?

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When you’ve finished your SOC 1 audit, you’ll receive a SOC 1 report that begins with an opinion letter that’s issued by an independent certified public accountant. This opinion letter will include the following…
The scope of the engagement
What the service organization’s responsibilities were
An opinion on the design of the controls
The description of the controls that management provided
An opinion on whether or not the controls were in place and operating effectively
The auditor’s final opinion on the effectiveness of an organization’s internal controls
In addition to the opinion letter, the report will also include a description of the tests conducted throughout the audit as well as an analysis of exceptions to the effectiveness of internal controls.

Once you’ve received your SOC 1 report, you might wonder, “What’s next? How can I use this report?” If you pursued SOC 1 compliance because a client requested it, you’ll provide this audit report to their auditors for review. If you proactively pursued SOC 1 compliance without being asked for it, there’s many ways to leverage your compliance efforts to give your organization a competitive advantage.

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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 clients in more than 48 states, Canada, Asia, and Europe. The firm has over 13 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, PCI DSS, HIPAA, HITRUST CSF, GDPR, ISO 27001, FISMA, and CFPB frameworks.

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