When you partner with BARR for SOC 1, our experts will help to increase transparency and confidence in your stakeholders while simplifying the entire compliance process and easing the burden on your team.
SOC 1 Compliance
Decrease Cost, Improve Risk Management and Control
Simplify Financial Reporting with BARR Advisory
A SOC 1 report is used by organizations that outsource a specific service or system that likely impacts their internal controls over financial reporting.
A control objective outlines the target or purpose of a specific group of controls within an organization. SOC 1 control objectives are not pre-defined, and may differ for each organization. The control objectives should cover all major aspects of the organization relevant to the SOC 1 report, and usually consist of both general information technology controls (i.e., logical access, change management, and operations) and business process controls (i.e., completeness and accuracy of transaction processing). Depending on the scope, there can be anywhere between 10 and 30 control objectives in a SOC 1 report.
Organizations that should consider a SOC 1 report include Cloud ERP service providers, financial services, payroll processing, healthcare claims processing, and data center colocation. If your organization plays any role in client financials, then a SOC 1 report may be right for you.
A SOC 1 report demonstrates the effectiveness of your processes and procedures to your clients. Not only will this differentiate your organization from competitors, but additional benefits include:
- Increased level of trust from your clients, resulting in client retention and acquisition;
- Less need for frequent audits, resulting in decreased cost for your organization;
- Improved risk management and control; and,
- Satisfaction of audit requirements.
Types of SOC 1 Reports
Type 1 Report
The SOC 1 Type 1 Report (referred to as a point-in-time report), includes an opinion over the suitability of the design of controls at the service organization at a specific point in time. An initial type 1 report often serves as the starting point for subsequent type 2 reviews.
Type 2 Report
The SOC 1 Type 2 Report (referred to as a period of time report) includes an opinion over the suitability of the design of controls at the service organization and the operating effectiveness of the controls throughout a specified period of time. This type of report is often issued annually.
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Speak with a BARR specialist about your security and compliance needs.
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Why BARR for SOC Reporting
BARR’s SOC clients report services lead to a 70% reduction in customer compliance questionnaires
SOC clients spend 75% less time spent on internal resources needed to pass audit
40% of BARR’s reports are delivered early
Proven practical, adaptive approach that simplifies SOC reporting processes
Team members serve on task forces responsible for developing SOC reporting standards
Competitive, fixed rates to accommodate growing enterprises
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Contact Us for a Free Consultation
We’re here to help you! Speak with a BARR specialist about your security and compliance needs.