ASSURANCE | SOC 1
SOC 1 COMPLIANCE
Reassure your clients and investors that their outsourced processes are in safe hands by obtaining a SOC 1 assessment report from the European leading issuer.
Leveraging our skilled auditing team and highly efficient compliance management strategy, we ensure a streamlined path toward SOC 1 compliance, completing the process in a fraction of the time compared to other auditors.
Initiate your journey toward SOC 1 compliance today, gaining a competitive advantage, accelerating deal closures, and securing more business opportunities.
ROAD TO COMPLIANCE
STEP-BY-STEP SOC 1 GUIDE
SOC 1 REPORTS
Achieving SOC 1 compliance is pivotal in establishing trust and assurance for your clients. In the current market environment, clients and partners prioritize service providers who can demonstrate a steadfast commitment to the highest standards of financial reporting and controls.
During a SOC 1 audit conducted by Securance, your assurance policies, procedures, and systems will undergo thorough scrutiny, focusing on controls relevant to financial reporting. This examination ensures that your organization effectively manages and safeguards financial information, providing assurance to your clients regarding the accuracy and integrity of your financial processes.
Upon successful completion of the implementation and auditing process with Securance, your organization will be presented with a SOC 1 report. This report serves as a testament to your dedication to financial controls and compliance. It includes an executive summary, offering a concise overview of the audit process and its key findings. Furthermore, the report provides a detailed breakdown of the specific controls and procedures implemented, providing both your organization and its clients with a clear understanding of the robust financial controls in place.
A SOC 1 Type I report includes the opinion of an external auditor on the controls placed in operation at a specific moment in time. The external auditor examines whether the controls exist and are suitably designed to provide reasonable assurance that the financial statement assertions are accomplished and whether the controls are in place.
In a SOC 1 Type II report, the external auditor reports on the suitability of the design and existence of controls and on the operating effectiveness of these controls in a predefined period of six months minimum. This implies that the external auditor performs a detailed examination of the existence of the internal controls of the service organization and also examines whether all controls are operating effectively in accordance with the predefined processes and controls.
KEY BENEFITS FOR YOUR ORGANIZATION
Why SOC 1?
Join the community of SOC 1-compliant organizations, demonstrating your dedication to maintaining high standards in your financial reporting. SOC 1 reports serve as external validations to ensure trustworthiness.
Many organizations require their suppliers and partners to adhere to certain security and industry standards. Achieving SOC 1 compliance gives your company a competitive advantage, making it more appealing to potential clients who prioritize data security and compliance.
The SOC 1 implementation process helps identify and mitigate risks associated with cybersecurity. By implementing and following the controls outlined in the SOC 1 framework, a company can reduce the likelihood of security incidents and the potential impact on its operations and reputation.
SOC 1 compliance underscores a firm’s commitment to robust corporate governance, showcasing a proactive stance on internal controls, risk management, and data integrity. This dedication to transparency and accountability enhances stakeholder confidence, emphasizing the organization’s commitment to upholding the highest standards in financial reporting.
The difference between
soc 1 AND soc 2
SOC1
SOC2
SOC1
SOC2
SCOPE
SOC 1 focuses on controls relevant to financial reporting. It is designed for service organizations whose activities impact their clients’ financial statements.
SOC 2 always addresses the security and availability criteria within its scope. The criteria of processing integrity, confidentiality, and privacy are optional.
APPLICABILITY
CRITERIA
SOC 1 follows the criteria set by the American Institute of Certified Public Accountants (AICPA) and focuses on controls relevant to financial reporting, such as transaction accuracy and completeness.
SOC 2 follows the Trust Service Criteria developed by the AICPA. These include security, availability, processing integrity, confidentiality, and privacy. The emphasis is on ensuring the overall security and reliability of systems, not just financial controls.
CLIENT IMPACT
For clients seeking assurance about the accuracy of financial data, SOC 1 is crucial. It proves that the service organization’s controls adequately protect the integrity of financial information.
Clients concerned about the security and privacy of their data, find reassurance in SOC 2. This framework assures robust measures to safeguard sensitive information.
Report Types
Typically results in a Type I or Type II report. Type I evaluates the suitability of design and existence of controls at a specific point in time, while Type II assesses the effectiveness of controls over a period.
Also generates Type I and Type II reports, with Type II being more comprehensive as it evaluates the operational effectiveness and existence of controls over time.
Audience
The primary audience includes stakeholders concerned with financial reporting, such as external auditors, regulators, and clients relying on the services.
Targeted at a similar audience, including clients, business partners, and stakeholders interested in the security and privacy practices of the service organization.
Industry Focus
Commonly requested in industries with a focus on financial services and outsourcing.
SCOPE
SOC 1 focuses on controls relevant to financial reporting. It is designed for service organizations whose activities impact their clients’ financial statements.
SOC 2 always addresses the security and availability criteria within its scope. The criteria of processing integrity, confidentiality, and privacy are optional.
APPLICABILITY
Relevant for service organizations that handle financial transactions or impact the financial reporting of their clients.
Applicable to any organization storing or processing customer data, particularly in the technology and SaaS sectors.
CRITERIA
SOC 1 follows the criteria set by the American Institute of Certified Public Accountants (AICPA) and focuses on controls relevant to financial reporting, such as transaction accuracy and completeness.
SOC 2 follows the Trust Service Criteria developed by the AICPA. These include security, availability, processing integrity, confidentiality, and privacy. The emphasis is on ensuring the overall security and reliability of systems, not just financial controls.
CLIENT IMPACT
For clients seeking assurance about the accuracy of financial data, SOC 1 is crucial. It proves that the service organization’s controls adequately protect the integrity of financial information.
Clients concerned about the security and privacy of their data, find reassurance in SOC 2. This framework assures robust measures to safeguard sensitive information.
REPORT TYPES
Typically results in a Type I or Type II report. Type I evaluates the suitability and existence of design controls at a specific point in time, while Type II assesses the effectiveness of controls over a period.
Also generates Type I and Type II reports, with Type II being more comprehensive as it evaluates the operational effectiveness and existence of controls over time.
Industry Focus
Commonly requested in industries with a focus on financial services and outsourcing.
Prevalent in technology, cloud computing, and SaaS industries, where data security and privacy are critical considerations.
TRUST THE EUROPEAN LEADING PROVIDER OF SOC 1 REPORTS
Securance, a premier provider in Europe, specializes in SOC and ISAE compliance, placing a strong emphasis on cybersecurity. Renowned for our expertise and efficient methodologies, we guide organizations through the SOC 1 compliance journey, showcasing their unwavering commitment to robust financial controls.
As your trusted independent SOC 1 auditor, Securance meticulously assesses the evidence you provide for controls relevant to financial reporting. This thorough examination culminates in the issuance of a comprehensive SOC 1 report. It's not just a matter of compliance; it's about reinforcing your financial integrity with the assurance that comes from partnering with Securance, a leader in Europe's cybersecurity and compliance landscape.
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